Gwalior surgeon duped of Rs 50 lakh in fake stock trading scam

Gwalior: A 51-year-old Gwalior-based surgeon has allegedly lost more than Rs 50 lakh after cyber fraudsters lured him into a fake stock trading platform and displayed inflated profits to make the investment appear genuine.

According to the complaint, the doctor transferred Rs 50.12 lakh to bank accounts linked to the fake trading platform between June 29 and August 7. He realised he had been cheated only when he tried to withdraw his money and was asked to pay an additional 35% charge.

The case was registered by Sirol Police on August 15 following the doctor's complaint.  

How the Fraud Started

The doctor, who runs a clinic in Gwalior's Govindpuri Chauraha area, reportedly came across an advertisement for stock trading on social media. After clicking on the advertisement, he was contacted through WhatsApp from different numbers. He was later added to a WhatsApp group called Elite VIP Group B, where members were allegedly shown investment plans and promised high returns.

One of the individuals reportedly contacted the doctor privately and encouraged him to download a stock trading application called BR Nova. The doctor then began investing money through the application.

Between June 29 and August 7, he transferred a total of Rs 50,12,196. Of this, around Rs 49.82 lakh was transferred through IMPS, NEFT and RTGS, while the remaining amount was reportedly sent through UPI from his Axis Bank account.

Fake Profits Made the Investment Look Genuine

The fraudsters allegedly used the application to make the investment appear successful. The doctor reportedly saw his money increasing to nearly four times the amount he had invested. The displayed profits gave him the impression that the trading platform was genuine and encouraged him to continue putting money into the account. However, the situation changed when he tried to withdraw the money.

The platform allegedly told him that he first had to pay 25% of the displayed profit as a profit-sharing charge. He was then asked to pay another 10% as an application usage fee. The combined demand amounted to 35%. It was at this stage that the doctor became suspicious and realised that the trading profits shown on the application may not have been genuine, according to a report by The 420.  

Police Probe Money Trail

Following the complaint, Sirol Police have started investigating the case along with cybercrime officials. Investigators are examining the bank accounts into which the doctor transferred the money. They are also looking into the mobile numbers used to contact him, the WhatsApp groups involved, and the digital transactions linked to the case. 

Police are also trying to determine whether the person who contacted the doctor was operating alone or was part of a larger group running the fake trading platform. The money trail could help investigators identify other accounts through which the funds may have been transferred after being received from the victim.