Fraud of Rs 43.77 lakh in IPO scam

Lokmat News Network

Chhatrapati Sambhajinagar

A computer engineer, Pawan Gajanan Deshmukh, was defrauded of Rs 43.77 lakh through promises of 50% profit in an IPO investment between 5 Dec 2025 and 24 Jan 2026.

According to the complaint filed by computer engineer Pawan Gajanan Deshmukh, Mohan Sharma, admin of WhatsApp group Wealth Creators VIP-28, guided him on trading trending shares and promised huge returns from the IPO of Avana Electrosystems Ltd would yield 50% profit. Subsequently, Mr. Alex, via the War-Burg (JM Group) app, forced Deshmukh to invest the amount from his and his mother’s bank accounts into multiple accounts. Realizing it was a scam, he approached police. Two individuals have been booked, and Police Inspector Sachin Kumbhar is conducting further investigation.