Hyderabad doctor loses Rs 1.49 crore to online stock trading scam

Hyderabad: A 34-year-old private doctor from Kothapet allegedly lost Rs 1.49 crore after investing through a fake stock market trading platform. The Malkajgiri cybercrime police have registered a case based on his complaint and launched an investigation.

According to the complaint, he joined a Telegram group related to stock trading and investment opportunities on May 4. He was subsequently contacted on WhatsApp by several people who claimed to be investment and trading professionals associated with a stock trading group. 

The accused allegedly persuaded him to invest through a trading platform downloaded from a website shared with him. He was also added to an investment group where stock and IPO recommendations were provided.  

Between May 4 and June 29, the doctor reportedly transferred Rs 1,49,33,593 through 59 transactions to accounts linked to the alleged investment scheme. He received only around Rs 1 lakh in return, TOI reported. 

The fake trading platform allegedly showed that his investments had grown to around Rs 4.6 crore. However, when he attempted to withdraw the amount, the accused reportedly told him that his credit score had fallen and that he would have to make additional payments before the funds could be released.

Realising that he had been duped, the doctor approached the National Cyber Crime Reporting Portal and subsequently lodged a complaint with the Malkajgiri cybercrime police.

Police have registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and Information Technology Act. Further investigation is underway.

Medical Dialogues had earlier reported that a 67-year-old retired doctor from Karnataka was allegedly duped of Rs 1.79 crore in a ‘digital arrest’ scam after fraudsters posing as officials from investigative agencies accused him and his wife of being linked to money laundering and terror financing, police said.