A government doctor from Tamil Nadu lost a staggering Rs. 76.5 lahks to an elaborate investment fraud scheme after clicking an ad on YouTube.
The doctor, an associate professor at a Government Medical College, was guided to a WhatsApp group where ‘investment experts’ purportedly discussed trading strategies and shared images of significant profits, reports India Today.
Believing he had found a community of experienced investors, the doctor became actively involved in the group.
The initial stages of the scam were well-orchestrated to build the victim’s trust. The WhatsApp group, led by an individual who went by ‘Diwakar Singh,’ appeared legitimate, introducing new members to fundamental trading concepts and stock market tips.
Diwakar shared regular updates, including trading recommendations and investment strategies, reinforcing the group’s perceived credibility. As a result, the doctor was persuaded to join an online trading platform, allegedly created for investment in Indian and US stocks.
Through constant communication, the scammers assured the doctor that his investments would yield high returns, specifically mentioning IPOs and promising a 30 percent margin. Motivated by the potential for significant financial gains, the doctor began transferring substantial sums to a specified account. Within three weeks in October, he had sent a total of Rs. 76.5 lakh, trusting the group’s promises of lucrative returns.
The turning point came on October 22 when the doctor attempted to withdraw Rs. 50 lakh from his ‘investment account.’ His request was denied, and he was informed that an additional ‘processing fee’ of Rs. 50 lakh was required by an alleged ‘Qualified Institutional Buyers Association’ to complete the withdrawal.
This demand raised suspicions, prompting the doctor to realise that he had been duped. He immediately reported the incident to the authorities.
There has been a surge in online investment scams in India. The rise of social media has helped fraudsters expand their victim portfolio. The desire for quick bucks is also a major factor in online scams. Cybersecurity experts urge users to apply caution when investing their money and always go for reputed platforms for such activities.
Furthermore, users should avoid clicking on any link or sharing their information with anyone online.
In the News: Hackers targets exchange servers, network tools in a new campaign
