A 75-year-old physician from Pune has fallen victim to a sophisticated cybercrime syndicate, losing ₹12.31 crore after being promised astronomical returns on stock market investments. The fraudsters allegedly convinced the victim that his capital would more than quadruple—reaching ₹54 crore—in just 11 days.
The Hook: “VIP Stock 24”
The scam began in January 2026 when the doctor received a message from an unknown number touting high-profit investment opportunities. Upon showing interest, he was added to a WhatsApp group titled “VIP Stock 24,” where administrators shared seemingly lucrative investment plans and success stories to build credibility.
Deceptive Technology and Coercion
To facilitate the fraud, the accused directed the victim to a fraudulent trading application. The app was designed to mimic the branding of a reputable international firm, providing a false sense of security.
- Fabricated Gains: The doctor was instructed to transfer funds to various bank accounts. The app then displayed “manufactured” profits, leadng the victim to believe his wealth was growing rapidly.
- Threats and Intimidation: As the victim began to hesitate, the fraudsters reportedly escalated their tactics, threatening to seize his properties if he stopped investing.
A Costly Timeline
The bulk of the financial damage occurred during a frantic 11-day window in March. Between March 7 and March 18, the doctor executed eight separate transactions, funneling a total of ₹12.31 crore into eight different accounts provided by the scammers.
Investigation Underway
The victim realized he had been swindled when the promised returns never materialized and the demands for more money continued. He subsequently approached the authorities to report the massive loss.
The Pune Cyber Police have registered an FIR and launched an intensive investigation. Officials are currently working to trace the money trail and identify the individuals behind the “VIP Stock 24” group, as this case highlights a growing trend of high-value “pig butchering” scams targeting senior citizens and professionals.
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