Another doctor falls victim to investment scam, Rs 2.5 crore defrauded

Visakhapatnam: Following the recent stock market investment scam involving a Hyderabad doctor, another doctor from Visakhapatnam (Vizag) has allegedly lost Rs 2.5 crore in a similar fraud. The doctor stated that the scammers pretended to be stock market experts and lured him with promises of high returns.

The 45-year-old doctor approached the Vizag Cyber Crime police and filed a complaint. He stated that the fraudsters added him to a stock market WhatsApp group without his consent.

After discovering that he was part of the group, the doctor found that the group was being run by multiple administrators, and one of them conducted sessions on identifying stocks for profitable trades. The group members also shared successful transactions in the group. One of the administrators promised huge profits if the doctor traded on their platform.

Also read- Hyderabad doctor duped of Rs 4.7 crore in online trading scam

Convinced by their claims, the doctor made an initial transfer of around Rs 1 lakh to the SBI bank account. When his trading dashboard displayed some profits, fraudsters urged him to increase his investment.

Over the next few months, he transferred over Rs 2.5 crore through more than 10 transactions and cash deposits routed to various accounts and different traders. Although the doctor managed to withdraw some money, the fraudsters asked him to pay more money to withdraw and demanded additional deposits under the pretext of taxes.

After realising that he was duped, the doctor filed a complaint at the police station. An investigation is underway to nab the accused and recover the remaining amount.

The method used in this case is similar to a recent fraud involving a Hyderabad-based doctor. Medical Dialogues recently reported that a Kompally-based 40-year-old doctor allegedly lost Rs 4.7 crore in a fake stock market investment after being promised high returns. Over a period of 60 days, the doctor reportedly transferred Rs 4.7 crore to the fraudsters through 46 online transactions and six cash deposits, with the money routed to 24 different current accounts.

Speaking to TOI, a police officer said, "We were advising netizens not to believe posts or advertisements on social media and invest money in various online trading schemes. If someone wants to make an investment, they may visit the trading office and invest only after getting proper guidance."

Also read- Fake trading app scam: Delhi doctor loses Rs 22.7 lakh, 2 arrested