Mumbai doctor duped of Rs 25 lakh in online trading fraud

Mumbai: Amid a growing wave of cybercrime targeting senior citizens, a 79-year-old doctor from Powai has become the latest victim of a sophisticated online share trading scam, losing nearly Rs 25 lakh. The Cyber Cell of Mumbai Police’s Western Region has arrested two suspects in connection with the fraud.

The accused, identified as Prashant Chaudhary and Richard Rao, were found to be in contact with cyber fraudsters and had opened multiple bank accounts used to facilitate the fraudulent transactions, he said, adding that the arrests were made by the cyber cell of the Western Region, reports PTI.

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The scam began on July 17, when the senior doctor, who also runs a private company, received an unsolicited WhatsApp message promoting stock market investments. The message included a customer care number and a link to join an exclusive investment group.

After joining, the doctor began receiving regular investment advice and updates. The group’s admin later contacted him directly, offering to help set up a trading ID and password on what turned out to be a fraudulent platform. The platform was designed to imitate legitimate trading apps, displaying fake dashboards and unreal profits to convince users.

Initially, the platform appeared to show significant profits, giving the illusion that the investments were yielding high returns. Encouraged by constant follow-ups and personalized assurances from a woman in the group, the doctor continued investing, ultimately transferring around ₹25 lakh over a span of weeks.

However, trouble began when he attempted to withdraw his earnings. All withdrawal attempts were denied. The fraudsters then fabricated a new hurdle, claiming that his “score” was too low to permit a payout and demanded further investment. When the doctor refused to send more money, communication ceased abruptly.

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During the investigation, police tracked the flow of funds and discovered that two accused had allegedly opened and provided several bank accounts to cyber fraudsters. These accounts were used to launder money from multiple victims, including the doctor. In return, the accused received commissions for facilitating the transactions.

Authorities believe the arrested individuals are part of a wider network and are working to identify the masterminds behind the operation. They have also issued a warning to the public to exercise caution when approached with investment opportunities online, especially those promising unusually high or guaranteed returns.