A Tamil Nadu doctor lost Rs 76.5 lakh while trying to participate in the stock market after falling for a complex internet scam. When the doctor, an associate professor at a government medical college, saw an advertising on YouTube offering instruction and advice for online trading, it sparked the October incident. He clicked on the advertisement, curious and looking for stock market advice, and was taken to a WhatsApp community group.
For traders and investors, the organization seemed to be a genuine platform. Credibility was established by the members’ claims of success as traders, supported by screenshots of their investments and earnings. The doctor was further persuaded of the organization’s credibility by the investing advice given by the group administrator, Diwakar Singh, for both short-term and long-term stocks.
The doctor was then instructed to create an account on a certain online trading platform after putting their trust in the community and its advice. The opportunity’s appeal was increased by the scammers’ guarantee of a 30% return on investments in both US and Indian stocks. To reassure him that his money would be invested sensibly, they gave him a list of IPOs and well-known businesses. The doctor started sending large sums of money from his bank accounts to the website after receiving this guarantee. The first three weeks of October saw the shipment of nearly all of the Rs 76.5 lakh.
But on October 22, when the doctor attempted to withdraw Rs 50 lakh, the scheme was discovered. He was told that in order to execute his desire to withdraw, a payment of Rs 50 lakh was needed, purportedly for the “Qualified Institutional Buyers Association.” The doctor became aware that he had been tricked at this moment. All of his money was lost, and the promised returns never came.
Following the doctor’s disclosure of the occurrence to the authorities, a case was launched under the Indian Penal Code (Bharatiya Nyaya Sanhita) and the Information Technology Act. The suspects, who are thought to be in North India, where the money was purportedly moved and taken out, are currently being sought by investigators. The fraud serves as a reminder of the increasing risk of online financial scams and the need for prudence when interacting with online investment options.
SOURCE :
TIMES OF INDIA
