A shocking case from Pune has once again highlighted how senior citizens are increasingly being targeted by sophisticated online investment scams, especially those linked to cryptocurrency and social media platforms.
How the scam unfolded
Pune city cyber police have registered a case of cyber fraud worth ₹1.32 crore based on a complaint filed by a 62-year-old resident of Kharadi. According to officials, the fraud took place between July and September, when the victim was lured into investing large sums of money with the promise of unusually high returns.
The scam began with a Facebook friend request from a woman who claimed to be a fashion designer running a boutique. Over weeks of online conversations, she gained the victim’s trust and spoke about her supposed success in cryptocurrency trading, particularly investments in Tether (USDT), a stablecoin pegged to the US dollar.
She later introduced him to another person, who presented himself as an India-based executive of an overseas cryptocurrency exchange allegedly linked to Seychelles. The accused claimed to have deep expertise in digital asset trading and guided the victim through the investment process.
Fake app, real money gone
The senior citizen was asked to download a mobile application, which investigators now believe was fake. Over multiple transactions, more than 23 in total, he transferred money in installments. The app showed his investment growing rapidly, eventually displaying a balance of over ₹4 crore.
Trouble began when he attempted to withdraw the funds. The scammers demanded an additional 15 per cent payment, claiming it was a mandatory tax. At this point, the victim realised something was wrong and approached the cyber police.
Deputy Commissioner of Police Vivek Masal confirmed that an investigation is underway. Police officials added that the modus operandi closely matches another recent case in Pune, where a senior telecom executive was cheated of ₹51 lakh through a similar Tether-based investment scam involving fake foreign crypto platforms.
Why this hit close to home
Reading about this case prompted me to immediately check and change several settings on my grandparents’ phones. The pattern is familiar and worrying. Friendly social media conversations, promises of safe and high returns, professional-sounding apps and so-called overseas platforms are all designed to exploit trust and limited digital awareness.
Settings I changed immediately
I restricted app installations so that no new apps can be downloaded without approval. Unknown numbers on WhatsApp and phone calls were silenced. Two-step verification was enabled on all social media and messaging apps. Facebook privacy settings were tightened to prevent friend requests from unknown profiles. Banking apps were secured with stronger authentication, and transaction alerts were enabled for every debit.
Most importantly, I had a long conversation explaining that no genuine investment offers guaranteed returns, and that legitimate platforms never ask for upfront taxes or fees to release funds.
A growing threat for senior citizens
Cyber police officials warn that scammers are deliberately targeting older users who may not be familiar with how cryptocurrency and digital platforms actually work. Fake apps, manipulated dashboards and well-rehearsed scripts are making these scams harder to spot.
Authorities urge families to regularly check in on elderly relatives’ digital activity, review their app usage, and encourage them to consult someone they trust before making any financial decisions online. In an age where scams look increasingly professional, awareness and prevention remain the strongest defence.