PGI Neurosurgeon loses Rs 1.10 crore to fake trading app

Chandigarh: In a shocking incident, a 33-year-old neurosurgeon from the Post Graduate Institute of Medical Education and Research (PGIMER) Chandigarh, has reportedly lost Rs 1.10 crore in a sophisticated online trading fraud. 

According to a complaint filed at the Sector 17 cyber crime police station, the doctor, a resident of Sector 38-C, was introduced to the scheme via a WhatsApp group named “Po8-5 Paisa Wealth Horizon” in January 2026. The group, reportedly consisting of around 250 members, was allegedly run by individuals posing as investment advisors who persuaded the doctor to open a trading account on the mobile app “5-P.”

Also Read:Ahmedabad doctor loses Rs 1 lakh in cyber fraud, FIR registered after 2 months

Initial investments were modest, with ₹10,000 invested via Unified Payments Interface (UPI) on February 5, but the app displayed fabricated profits, encouraging him to invest larger sums. Promises of daily returns of up to 5% and lucrative IPO trading plans were used to lure him further.

Over the next two months, the doctor transferred ₹1.1 crore in 25 separate transactions through various banking channels, including UPI, immediate payment service (IMPS), real-time gross settlement (RTGS), and National Electronic Funds Transfer (NEFT), into multiple bank accounts. By the end of March, the app reflected a balance of ₹4.73 crore, including alleged profits of over ₹4.15 crore. However, when the victim requested withdrawal on March 23, he was asked to pay an additional ₹41.59 lakh as “brokerage charges”, reports Hindustan Times.  

Despite growing suspicions, the doctor complied after other group members allegedly claimed to have successfully withdrawn large profits. Soon after, the fraudsters demanded another ₹10 lakh as a “security deposit,” claiming it was required by the Reserve Bank of India due to suspected money laundering. It was at this point that the doctor realized he had been defrauded.

Realising the fraud, the victim approached the cybercrime police. All communications with the accused were carried out via WhatsApp, using multiple Indian and international numbers. Police have registered a zero FIR dated April 3 and initiated an investigation, reports Hindustan Times.

Also Read:Anantapur doctor loses Rs 98 lakh in online trading scam

Speaking to Tribune India, a senior official at the police station said efforts were being made to identify and arrest the accused. Additionally, the police have made an appeal to the general public to remain vigilant regarding investment proposals received via unknown links, calls or messages on their phones. They have been advised to conduct a thorough verification before putting their money into any lucrative scheme.