Online Trading scam hits Coimbatore doctor, ends up losing Rs 15.50 lakh

Coimbatore: Amid the rising number of cyber fraud cases, a 44-year-old doctor from Saibaba Colony in Coimbatore has lost Rs 15.50 lakh to cyber fraudsters in an online trading scam. The city’s cybercrime police have registered a case and launched an investigation.

According to the complaint, the doctor who occasionally traded stocks online, came across a stock trading video on YouTube in December 2024. While browsing, he clicked on a link that added him to a WhatsApp group named ‘49 Upstocks Wealth Group.’

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In the group, the doctor met some group members who posed as expert traders, shared stock trading tips and convinced him to invest through a platform called ‘UP Institutions.’

As per the TOI news report, the platform was shared to the doctor after he trusted their claims and expressed his interest in investing. He was asked to install the trading app on December 31, 2024, by clicking on the link provided by the fraudsters. After installing the app, the doctor transferred money in nine installments between December 31 and January 22, 2025, with the total amount rising to Rs 15.50 lakh.

After investing in the app with the amount, the doctor noticed that the app displayed a balance of Rs 25.86 lakh leading him to believe that his investment had grown. However, when he tried to withdraw his money, he found it impossible and realised he had been cheated.

Following this, he approached the cybercrime police station and filed a complaint under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act. Acting on the complaint, the police registered a case. An investigation is underway to nab the culprits involved with the scam.

Also read- 52-year-old doctor duped of Rs 1.8 crore in online trading scam