Image by Prasanta Sahoo from Pixabay
A doctor from Coimbatore, Dr Karthik, lost Rs. 15.50 lakh to an elaborate online investment scam after being lured through a YouTube link. The fraudsters added him to a WhatsApp group named ’49 Upstocks Wealth Group,’ where so-called market experts provided investment tips and encouraged him to download a fake trading app called ‘UP Institutions.’
The victim, an active stock market investor, encountered the fraudulent YouTube link while searching for investment insights. Upon clicking, he was added to a WhatsApp group where members posed as financial experts offering lucrative trading tips, reports India Today.
Trusting their guidance, he downloaded the trading app using a link provided by the scammers.
Between December 31, 2024, and January 22, 2025, he transferred Rs. 15.50 lakh in nine instalments, believing he was making profitable investments. The fake app displayed a growing balance, reaching Rs 25.86 lakh, convincing him of significant returns.
However, when he attempted to withdraw his funds, he was blocked from doing so, realising he had been scammed.
Following his complaint, the cybercrime police registered a case under the Bharatiya Nyaya Sanhita and the Information Technology (IT) Act. Investigations are underway to track down those responsible.
India is a hotbed of cyber scams with a new type of ‘digital arrest’ scams rising in the country along with the financial ones. A few days ago, a Noida family fell prey to the digital arrest scam losing about one crore.
Similarly, a Mumbai corporate employee was duped of Rs 11 lakh in a parcel scam. In another case of digital arrest, a woman in Manjulpur, Gujarat, lost over Rs 10 lakh.
Even foreign scammers are trying their hands and succeeding to dupe Indian citizens. Recently, a scam operation originating in Nepal mimicking TRAI officials were threatening victims of dire consequences if their demands are not met.
To protect themselves from financial scams, users should always invest through official channels and avoid unsolicited links on the internet. If a user falls victim to a scam, they should immediately report it to their nearest police station and also file a report on the Cyber Crime Portal.
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