Retired Banker Loses ₹5.63 Crore in Stock Market Fraud: 38 Years of Savings Wiped Out

• A 68-year-old retired bank official from Karve Nagar, Pune, lost ₹5.63 crore to an online stock trading scam over three years.
• He was lured by a Facebook ad promising 'bumper profits' and contacted fraudsters via WhatsApp who posed as investment experts.
• Initially, he invested small amounts and even received 'profits' back, building trust in the fake platform.
• He then invested larger sums, seeing his 'portfolio' grow on a fraudulent app dashboard, unaware his money was going to criminals.
• When he tried to withdraw his ₹5.63 crore, fraudsters demanded more money for 'taxes', 'processing fees', and 'SEBI investigation clearance', eventually exhausting his savings before disappearing.

Why It Matters: An experienced retired banker lost his life savings of ₹5.63 crore to a sophisticated online stock market fraud.