Doctor in Thiruvananthapuram Loses Rs 1.11 Crore in Share Trading Scam

Cyber Fraud Case in Thiruvananthapuram

Doctor Defrauded of Over Rs 1.11 Crore

Thiruvananthapuram witnessed a significant case of cyber fraud where a local doctor was reportedly cheated of more than Rs 1.11 crore. The alleged perpetrator, a 25-year-old man from Bapunagar, Gujarat, promised lucrative returns through share trading. The City Cyber Crime Police arrested the suspect following an investigation.

Details of the Fraud

Reports indicate that the doctor was initially contacted via mobile applications such as WhatsApp and Telegram, where he was directed to make bank transfers. Investigators found that the funds were transferred into cryptocurrency and various digital wallets before being converted and allegedly smuggled abroad. A thorough review of the bank records verified that the entire amount had been deposited into the accused’s account.

Arrest and Investigation

A special task force conducted searches in Ahmedabad and surrounding areas, leading to the apprehension of the suspect. He was subsequently presented before the Thiruvananthapuram Additional Chief Judicial Magistrate (ACJM) and has been remanded in custody. The investigation is being led by Inspector Shameer M K, with oversight from senior city police officials. This marks the third arrest related to this case, highlighting the ongoing efforts to tackle cyber fraud.

Broader Implications of Cyber Fraud

Escalating Threat Across the Country

This incident underscores the increasing threat posed by cyber-enabled financial fraud, a troubling trend observed nationwide.

Similar Cases in Other Regions

In a related report, a chemist from Gondal district fell victim to a social media investment scam, losing Rs 1.01 crore. The victim, 59-year-old Chandrakant Sakhiya, encountered a promotional reel about stock market investments on platforms like WhatsApp, Facebook, and Instagram. This led him to a WhatsApp group where discussions about initial public offerings (IPOs) seemed legitimate. The case is currently pending in cybercrime courts, as the businessman seeks justice.