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Online Trading Scam: Doctor Defrauded of Rs 53 lakh

Hyderabad: In yet another case of cyber fraud, a 46-year-old doctor from Secunderabad allegedly lost a whopping Rs 53 lakh in an online stock market investment scam after being promised huge returns on the investment.
According to news reports, the doctor reportedly transferred his funds to several bank accounts on 18 separate occasions, with amounts ranging from Rs 10,000 to Rs 13 lakh. Even though his stock market portal showed massive gains, he was unable to withdraw the amount.
The scam began between June 17 and July 15 when the doctor was added to a WhatsApp group in mid-June by scammers pretending to be from a reputed brokerage firm. Through the group, the fraudsters convinced him to invest via a fake stock trading website that promised guaranteed profits and easy withdrawals.
Also read- Kolhapur doctor loses Rs 1.1 crore in cyber fraud, 2 arrested
Believing the claims, the doctor made 18 separate payments, transferring the amount each time through UPI, IMPS, and RTGS. The money was sent to over a dozen different bank accounts, some registered under individual names, small businesses, and even a charitable trust.
As per a TOI media report, the fake portal initially showed huge profits. The doctor’s balance appeared to grow from Rs 12 lakh to nearly Rs 98 lakh. However, when he tried to withdraw the money, the scammers started making more demands.
They asked him for a 20% brokerage fee first, then asked for 15% government tax. After transferring the amount, they demanded Rs 10 lakh as margin money, threatening to tarnish his CIBIL score if he refused. When he refused, they blocked his account. In total, he only received Rs 1,200 back.
"When I refused to pay, they blocked my account, which was when I realised I had been defrauded. In return for all of my money transfers, they deposited only Rs 1,200 in my account," said the doctor in his complaint.
Following this, he approached the cyber police station and registered a case under sections 66C and 66D of the IT Act and 111(2)(b) (organised crime), 318(4) (cheating and dishonestly inducing delivery of property), 319(2) (cheating by personation), 336(3) (forgery for purpose of cheating), 338 (forgery of valuable security, will, etc), 340(2) (using as genuine a forged document or electronic record) of the Bharatiya Nyaya Sanhita (BNS).
Police have launched an investigation and are analysing the bank transaction details to identify the fraudsters.
Also read- Kolkata doctor loses Rs 36 lakh to online investment scam, accused arrested
MA in Journalism and Mass Communication
Exploring and learning something new has always been her motto. Adity is currently working as a correspondent and joined Medical Dialogues in 2022. She completed her Bachelor’s degree in Journalism and Mass Communication from Calcutta University, West Bengal, in 2021 and her Master's in the same subject in 2025. She mainly covers the latest health news, doctors' news, hospital and medical college news. She can be contacted at editorial@medicaldialogues.in