Pune: Two Arrested For ₹5 Crore Share Market Scam Via Fake Vtrade App; 37 Duped

Pune cyber police have arrested two men for cheating more than 37 people of over ₹5 crore through a fake share market investment scheme. Victims were lured via WhatsApp groups and an app called Vtrade, promising 10 to 50 percent returns. The accused were caught in Mumbai and Odisha after a two-month hunt. Police have seized ₹6 lakh cash.

The accused have been identified as Ganesh Lokhande, Ranjan Kumar Niranjan Sahu (both arrested), and Ramesh Parmar.

According to the police, the scam began after the victim clicked on an online stock market advertisement and was added to a WhatsApp group sharing messages about IPOs, stocks, and block trading.

Existing group members promised and motivated returns of 10–50 percent on investments.

The victim was attracted and showed interest to proceed further. The accused instructed him to download a “Vtrade” application and invest in stock and IPO purchases.

Between April 20 and May 16, 2025, the complainant was coerced into transferring ₹1.0725 crore to multiple bank accounts. The app soon showed a profit of ₹3.4 crore, but when the victim attempted to withdraw the money, he failed and realized that he had been cheated. He then filed a complaint in the cyber police station.

Investigations revealed that ₹69.75 lakh of the defrauded amount was deposited into an IDFC Bank account under the name “Gifting Plant” in Vikhroli, Mumbai. Acting on this lead, PSI Vaibhav Patil and his team, with the help of local police, arrested account holder Ganesh Lokhande on June 25. Lokhande confessed to working with accomplices Ranjan Kumar Niranjan Sahu and Ramesh Parmar, who laundered the funds through a bank account in Kolkata.

Further technical analysis by API Pravin Swami tracked Sahu’s movements across West Bengal, Odisha, Assam, and other states for two months. A police team led by PSI Prakash Katakade finally arrested him in Cuttack, where he claimed to be a pulses trader. Investigation confirmed his role, and he was brought to Pune on transit remand.

Police found that Sahu’s bank account had received ₹5.01 crore from 37 victims. Authorities have frozen ₹6 lakh in the case.