Archive · 12 Aug 2026
Pune Student Loses Rs 83.8 Lakh in Foreign Investment Scam
A young student in India wanted to make money by investing online.
Some strangers contacted him and promised he could earn up to 500 percent returns.
They sent him links to a fake website that looked official.
They even showed him a fake certificate to make him trust them.
He sent them money, and his account showed a big profit.
But when he tried to take his money out, it would not work.
They told him he had to pay many different fees first.
He kept paying again and again until he had lost a huge amount.
In the end, he got nothing back, so he went to the police.
Police are investigating the fake accounts and are also checking another complaint about money lost in a land deal.
A 22-year-old student from Chikhali, Naved Zubed Choudhary, allegedly lost Rs 83.8 lakh in a cyber fraud promising up to 500% returns on foreign stock market, shares and IPO investments.
The accused approached him between 2nd February and 6th June, sending links to an online investment platform and a website appearing connected to SEBI.
A fake Foreign Portfolio Investor (FPI) certificate was shared to gain trust, and a profit of around Rs 20 lakh in US dollars was shown in his account.
When Choudhary tried to withdraw money, he was asked to pay conversion fees, filing fees, capital gains tax, SEBI charges, GST and other charges, and transferred the amount to several bank accounts.
In a separate case, a 33-year-old woman, Sharada Abhijit Pawar, alleged she was cheated of Rs 11.07 lakh in a land development deal by construction businessman Amol Raosaheb Gaikwad.
- Who
- Naved Zubed Choudhary, a 22-year-old student from Chikhali, filed the complaint; two persons and several bank accounts and online platforms are linked to the alleged fraud.
- What
- A cyber fraud in which the student lost Rs 83.8 lakh through a fake foreign stock market investment platform and a fake SEBI-linked website.
- When
- Between 2nd February and 6th June; the case was registered on Tuesday and reported by police officials on Wednesday.
- Where
- Chikhali, Pune, India; a related fraud case was registered at Chinchwad police station.
- Why
- The victim was lured by promises of up to 500% returns and deceived with a fake FPI certificate, then asked to pay multiple charges to release his money.
- Victim
- Naved Zubed Choudhary, 22-year-old student from Chikhali
- Amount lost
- Rs 83.8 lakh
- Promised returns
- Up to 500% on foreign stocks, shares and IPOs
- Fake profit shown
- Around Rs 20 lakh in US dollars
- Fraud period
- 2nd February to 6th June
- Legal provisions
- BNS Sections 316(2), 318(4), 3(5) and Section 66(d) of the IT Act, 2000
- Second case
- Rs 11.07 lakh alleged land development fraud at Chinchwad police station