Retired Doctor falls for Online Trading scam, loses Rs 1.9 crore

Bengaluru: A 65-year-old retired doctor from Banasawadi in Bengaluru has fallen prey to cyber fraud, losing nearly Rs 1.9 crore over a month to fraudsters posing as representatives of a fake trading firm. 

According to a complaint lodged at the East CEN Crime Police Station on May 24, the doctor, a resident of Banasawadi, was targeted by cybercriminals between April 4 and May 19. The fraudsters contacted him through WhatsApp and lured him into what appeared to be a legitimate investment opportunity, using the name of a well-known trading platform to gain credibility.

The sender introduced herself as Divyangana Thorat, claiming to represent “Upstox Share Marketing Company.” When the doctor expressed his lack of knowledge about stock trading, she offered to guide him personally and added him to a WhatsApp group filled with hundreds of members.

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As per the recent media reports by TOI, they claimed the company was based in Mumbai and provided the link support@upstox.icu. He was also communicated with and guided by a person, Kapil Jaikalyani, with mobile numbers 8290620730 and 7304738609. After providing online instructions, Richard was asked to open an account using the links and participate in stock brokerage through an app. They also provided the customer care number 7737824947 to be contacted whenever he needed help.

Later, the doctor was added to another WhatsApp group named ‘MY LOVE-95', where group members posted screenshots of fake profits to further build trust. He was then instructed to register for an institutional account and to make investments through various bank accounts. Initially, he tested the process with small amounts and saw some profit. Encouraged by the results, he began transferring larger sums to the different bank accounts they provided.

Each time the doctor transferred money, the group displayed the accumulated profits in a fabricated balance sheet hosted on a fake portal. Over time, he transferred approximately Rs 1.3 crore in 12 transactions to different bank accounts provided by the fraudsters. However, when he attempted to withdraw the funds, the scammers claimed he had to pay a commission of Rs 32 lakh. Desperate to retrieve his money, he complied. But the demands didn’t stop there.

The fraudsters then demanded an additional Rs 26.5 lakh, claiming it was required for income tax purposes. The doctor paid this amount as well, but again, his withdrawal attempts failed. Finally, they insisted he pay another Rs 35 lakh, stating that his account had been frozen by SEBI and the payment was necessary to unfreeze it.

He managed to bargain and transferred Rs 25 lakh, only to be told SEBI did not accept partial payment. They then demanded the remaining Rs 10 lakh and threatened him with legal consequences when he hesitated.

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Speaking to TOI, a senior officer said, "We have been creating awareness through social media and public meetings about different types of frauds, including the trending trading scam. But people still fall prey to it to make quick money."