Delhi doctor falls prey to Rs 24 lakh stock market fraud

The doctor has been identified as a medical officer and he informed the police that he used to watch videos related to the stock market online.

As per a recent media report by the Times of India, "Through one such video, I came to know about a group called ‘Study Purpose.’ The group was filled with links to online classes and videos related to stock trading. I joined that group through a link." 

The doctor was lured into creating an institutional trading account by downloading a mobile app recommended by the group. As the app lacked a direct money transfer option, the group's administrator instructed the doctor to deposit funds into specific bank accounts opened under various names across different cities nationwide. Additionally, the doctor was coerced into downloading another app and subscribing to an Initial Public Offering (IPO), complying with the demands.

Under pressure, the doctor deposited a substantial sum to claim his alleged "winning share." However, his account on the application was later disabled. The victim reported the incident to the police on February 8, and a case was registered under sections 419, 420, and 120B, involving charges of cheating, cheating by impersonation, and criminal conspiracy, respectively, according to the Indian Penal Code (IPC).

Further investigations by the police unveiled another victim who had lost over Rs 4 lakh through a similar fraudulent scheme.

Online frauds are becoming more and more common each day. A few days ago a similar cyber fraud was reported where a senior doctor lost around Rs 1.1 crore on the pretext of getting huge returns on cryptocurrency investment. Following this, the doctor filed a complaint at the cybercrime police station and a probe has been initiated into this matter.