In a harrowing case of online fraud, a doctor from Tamil Nadu lost a staggering Rs 76.5 lakh in a stock trading scam that unfolded through a seemingly legitimate WhatsApp group. This devastating loss highlights the growing sophistication of cyber scams, especially those targeting individuals seeking financial advice and investment tips.
How the Scam Unfolded
The doctor, an Associate Professor at a Government Medical College, reportedly encountered an advertisement on YouTube promoting guidance and training in online stock trading. Drawn by the promise of learning investment skills, he followed the ad’s direction to join a WhatsApp group of “investors” a community that turned out to be a well-crafted trap.
Inside the group, members appeared to be genuine investors, frequently sharing screenshots of their alleged profits and discussing market trends. The group was led by an administrator named Diwakar Singh, who positioned himself as an experienced trader, offering tips on short-term and long-term stock opportunities. With other members seemingly profiting, the doctor’s trust in the group grew.
The Deceptive Platform and False Promises of High Returns
As his confidence built, the scammers encouraged him to open an account on a specific trading platform, luring him with promises of 30% returns on investments in Indian and US stocks. With instructions from the group, he followed a link to register on the website and began transferring funds. The scam’s ruse was meticulously crafted: the scammers provided a list of popular companies and IPOs, claiming his money would be invested in high-yield stocks, adding a veneer of credibility.
The Shocking Realization
During the first three weeks of October, the doctor transferred nearly all his funds to the website, totaling Rs 76.5 lakh. However, when he attempted to withdraw Rs 50 lakh on October 22, the scam revealed itself. He was informed that he’d need to pay an additional Rs 50-lakh fee to the so-called “Qualified Institutional Buyers Association” for processing the withdrawal. This demand for a “processing fee” raised red flags, and the doctor quickly realized he had been scammed.
The Aftermath and Investigation
After the shocking revelation, the doctor lodged a complaint under the Information Technology Act and Bharatiya Nyaya Sanhita. Authorities are currently tracking the suspects, who are believed to be operating in North India, where the funds were transferred and subsequently withdrawn.
This incident underscores the need for vigilance in online financial dealings, as scammers continue to exploit the rising interest in stock trading and investment platforms. It serves as a stark reminder of the importance of thorough verification, as even the most convincing platforms and communities may harbor deceitful intentions.
