Online Trading scam hits Coimbatore doctor, ends up losing Rs 15.50 lakh

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In the group, the doctor met some group members who posed as expert traders, shared stock trading tips and convinced him to invest through a platform called ‘UP Institutions.’

As per the TOI news report, the platform was shared to the doctor after he trusted their claims and expressed his interest in investing. He was asked to install the trading app on December 31, 2024, by clicking on the link provided by the fraudsters. After installing the app, the doctor transferred money in nine installments between December 31 and January 22, 2025, with the total amount rising to Rs 15.50 lakh.   

After investing in the app with the amount, the doctor noticed that the app displayed a balance of Rs 25.86 lakh leading him to believe that his investment had grown. However, when he tried to withdraw his money, he found it impossible and realised he had been cheated.    

Following this, he approached the cybercrime police station and filed a complaint under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act. Acting on the complaint, the police registered a case. An investigation is underway to nab the culprits involved with the scam. 

Also read- 52-year-old doctor duped of Rs 1.8 crore in online trading scam