Kolhapur doctor loses Rs 1.1 crore in cyber fraud, 2 arrested

Kolhapur: In a shocking case of cyber fraud, a doctor from Kolhapur was duped of Rs 1.1 crore through an online investment scam. After a year-long investigation, the city police arrested two men from Surat in connection with the fraud.

The victim, Dr. Nitin Prabhakar Deshapande, who lives on Mahadwar Road, was tricked by fraudsters last year. The scammers had created a fake website that looked like it belonged to the global investment firm "Stanley Morgan." Believing the site to be genuine and lured by the promise of high returns, Dr. Deshapande invested a large amount of money.

Soon after, he realised he had been cheated and accordingly filed a complaint at Juna Rajwada Police Station.

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As per a TOI media report, the cybercrime team began a detailed investigation and finally tracked down two suspects in Surat: 24-year-old Tousif Iliyas Raja and 30-year-old Umang Bharatbhai Dudhat.

Once they confirmed the involvement of two individuals, a police team was sent to Surat and successfully arrested both men. During the investigation, the police found that Rs 59 lakh from the total Rs 1.1 crore was transferred to the bank accounts of the accused.

The two were brought to Kolhapur and produced before the court, which has sent them to police custody until July 22. The investigation is still ongoing, and police are trying to trace the remaining money.

Medical Dialogues had earlier reported that a retired doctor from a prominent private hospital in Kannur fell victim to a major online scam and lost Rs 4.43 crore after being lured into a fake share trading investment scheme. The doctor, who had taken voluntary retirement, was contacted by a group of cyber fraudsters through social media earlier this year.

Between April and June 2025, they gained his trust and convinced him to invest in stock trading by promising high and guaranteed returns. Believing the offer to be genuine, the doctor transferred large amounts of money into multiple bank accounts given by the accused. However, he neither received any profits nor got his original investment back.

Also read- Retired doctor loses Rs 4.43 crore in online trading fraud