₹17.7 Million Investment Scam Exposed: Fake Trading App Posing as Polen Capital

A 54‑year‑old man from Mysuru city in India has lost ₹17.7 million in an investment fraud involving a fake trading application and a WhatsApp group operated under the name “Polen Capital.” The name represents a clear impersonation of the legitimate global asset management firm, Polen Capital.

How the Scam Worked

• WhatsApp Group Setup: Accused Magnananda Sharma created a group claiming to train members in stock market trading with promises of extraordinary profits.
• Fake Representative: Sharma introduced Meera, posing as a representative of Polen Capital, who told members that trading would be conducted as Qualified Institutional Buyers (QIBs) in Indian and U.S. markets.
• Funds Transfer: Victims were told foreign institutions could not hold Indian bank accounts, and were instructed to transfer money via RTGS to local company accounts.
• Fake Profits: Deposits appeared in the “Polen Capital” app as “top up capital,” showing inflated profits. By December 31, 2025, the app displayed a false balance of approximately ₹155 million.
• Withdrawal Trap: When the victim attempted to withdraw funds, fraudsters demanded “Capital Gains Tax” payments into private accounts, exposing the scheme.

Mysuru City Police Commissioner Seema Latkar warned the public against similar fake investment and trading scams, where scammers create fake ads on social media in the name of reputed financial firms.

BrokersView Reminds You

Legitimate financial institutions never solicit investments via personal WhatsApp numbers, Telegram chats, or unofficial social media groups.

Always verify the identity and regulatory status of any financial services provider before engaging. Fraudulent brokers often impersonate licensed firms, conceal their lack of authorization.

Report fraud here.