Retired IAF Officer Duped of ₹97 Lakh in Digital Trading Scam, Forced to Take Loans to Continue Payments

Pune, October 27, 2025 — In a shocking case of online financial fraud, a 53-year-old retired Indian Air Force officer from Pune lost nearly ₹97 lakh after being deceived through a fake share trading platform. The victim was manipulated into taking loans worth ₹55 lakh to continue transferring money to fraudsters who promised him high investment returns.

According to the FIR filed at the Cyber Crime Police Station, the officer was lured into registering on a fraudulent trading app after clicking a deceptive advertisement. He was soon added to a WhatsApp group where scammers, posing as trading experts, guided him to download a fake investment application. Believing it to be genuine, the officer began making investments on the app, which falsely displayed growing profits and a total projected earning of ₹4.4 crore.

Over 40 days, he made 18 large transfers to various mule accounts across India, including Maharashtra’s Satara, West Bengal’s Kolkata and 24 Parganas, Telangana’s Hyderabad, Assam’s Barpeta, Kerala’s Palakkad, Madhya Pradesh’s Indore and Dhar, and Odisha’s Khordha. The fraudsters kept him engaged by showing inflated profits and convincing him that his investments were multiplying.

When his savings were exhausted, the scammers claimed there was a lucrative Initial Public Offering (IPO) opportunity and pressured him to continue investing. Under their manipulation, the officer took a ₹30 lakh personal loan and a ₹25 lakh gold loan to send more money. Each payment was reflected on the fake app as profit, maintaining the illusion of legitimate trading success.

The deception unraveled when the victim tried to withdraw his supposed ₹4.4 crore returns. The fraudsters demanded that he first pay 20% of the amount as tax. Realizing he had been conned, the officer approached the cyber crime police and filed a complaint.

Police officials confirmed that an FIR has been registered and an investigation is underway to trace the culprits and the network of mule accounts used in the operation. Authorities have once again urged citizens to verify the authenticity of online investment platforms and avoid sharing financial details with unverified sources.