Bengaluru Doctor Swindled of Rs 1.16 Crore in Fake IPO Scam

According to reports from the Indian Express, the doctor stated that unbeknownst to him, his initial success was part of a larger scam. The financial advisor in the WhatsApp group later suggested he invest in the Indian Phosphate Limited IPO, scheduled for August 26. Trusting this advice, the doctor invested a substantial Rs 1.20 crore. However, when he attempted to withdraw his earnings, he discovered he could not access his funds. It soon became clear that he had fallen victim to a sophisticated cyber fraud.

In a state of shock, the doctor contacted the police helpline and filed a formal complaint. The South CEN police registered a case under Section 66(d) of the Information Technology Act (cheating by personation) and Sections 318(4) (cheating and dishonestly inducing the delivery of property) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita (BNS). Authorities are now investigating the case to bring the perpetrators to justice.

Authorities reported that he is one of many victims of a larger scheme operated by fraudsters advertising on social media. Investigators believe that most participants in the WhatsApp group were scammers posing as genuine investors to deceive others into making further investments.  

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