Pune | A 75-year-old medical practitioner was duped of Rs 12.31 crore in an online share trading scam with fraudsters allegedly coercing him into making multiple investments, police said on Wednesday.

According to police, the victim received a message from an unidentified number in the last week of January containing a list of "recommended" stocks along with a link.

On clicking the link, he was added to a WhatsApp group where the administrators claimed to be senior executives of a global financial management firm. One of them also purportedly claimed to be an author on stock market dynamics, police said.

Investigators said the group was used to build credibility, with members, believed to be part of the racket, posting messages showing substantial profits from investments.

"After expressing interest, the doctor was directed to a fraudulent trading application resembling the name of a reputed international firm. He was asked to share personal and financial details before being instructed to transfer funds to multiple bank accounts," police said, adding that the amounts transferred were reflected as investments on the fake platform, along with fabricated profits.

Between March 7 and March 18, the victim made eight transactions totalling Rs 12.31 crore. When he hesitated to invest further, the accused allegedly threatened to seize his properties, forcing him to continue transferring money, police added.

The application later showed notional returns of Rs 54 crore. However, when the victim sought to withdraw funds, he was again threatened, following which he realised he had been cheated.

An FIR has been registered with the cyber police station based on the doctor's complaint, and a probe has been initiated to trace the accused and the money trail, police added.