Pune: A 37-year-old resident of Chinchwad, Krishnanagar, was defrauded of ₹48 lakh under the pretense of investment in the share market, with additional false assurances of compensation for any potential losses.

The victim has filed a complaint with the Chikhali Police Station, leading to a case being registered against unidentified individuals associated with a mobile number linked to the TRPF app.

According to the complaint, the victim was trading in a share market WhatsApp group called Siri Market when he was lured by promises of high dividends and guarantees of compensation for losses.

The accused persuaded him to download the TRPF Token Trading app, claiming it would provide even greater returns. He was subsequently added to a WhatsApp group where he was instructed to deposit funds into various accounts.

By manipulating the app to show inflated profits in US dollars, the accused managed to convince the victim to repeatedly transfer money to multiple bank accounts, eventually accumulating a total of ₹48 lakh.

Despite the investments, the victim neither received any profits nor his original funds back, leading to a significant financial loss.

The Chikhali police officials are investigating the matter, focusing on tracing the unknown suspects linked to the TRPF app and the fraudulent transactions. This incident serves as a stark reminder of the growing risks associated with online investment platforms and the need for increased vigilance by investors.