Visakhapatnam Doctor Falls Victim to Stock Market Investment Scam
Details of the Fraud
A doctor from Visakhapatnam has reportedly lost Rs 2.5 crore in a stock market investment scam, following a similar incident involving a doctor from Hyderabad. The 45-year-old physician alleged that scammers posed as stock market experts, enticing him with promises of lucrative returns.
Complaint Filed with Cyber Crime Police
The doctor took action by approaching the Vizag Cyber Crime police to file a complaint. He detailed that the fraudsters added him to a stock market-focused WhatsApp group without his permission. Upon discovering his inclusion, he realized the group was managed by multiple administrators. One of these administrators conducted sessions on identifying profitable stock trades, while group members shared their successful transactions.
Initial Investment and Escalation
One administrator assured the doctor of substantial profits if he engaged in trading on their platform. Believing their assurances, the doctor made an initial investment of approximately Rs 1 lakh to an SBI bank account. When his trading dashboard indicated some profits, the fraudsters encouraged him to increase his investment.
Accumulated Losses
Over the ensuing months, the doctor transferred more than Rs 2.5 crore through over ten transactions and cash deposits directed to various accounts and traders. Although he managed to withdraw some funds, the fraudsters later insisted that he pay additional money to access his remaining funds, citing tax obligations.
Investigation Underway
Upon realizing he had been deceived, the doctor reported the incident to the police. An investigation is currently in progress to apprehend the culprits and recover the lost funds. This case exhibits similarities to a recent fraud involving a doctor from Hyderabad.
Previous Case Involving a Hyderabad Doctor
Reports indicate that a 40-year-old doctor from Kompally was duped of Rs 4.7 crore in a fraudulent stock market investment scheme, having been promised high returns. Within a span of 60 days, the doctor transferred Rs 4.7 crore to the scammers through 46 online transactions and six cash deposits, which were funneled into 24 different current accounts.
Police Advisory to the Public
A police officer commented to TOI, “We advise netizens not to trust posts or advertisements on social media when it comes to investing in online trading schemes. If anyone is considering an investment, they should visit a trading office and seek proper guidance before proceeding.”