Panvel doctor duped of Rs 21 lakh in online stock market investment scam

Panvel: Another case of cyber fraud came to light from Panvel, where a 58-year-old doctor allegedly lost Rs 20.95 lakh in a stock market investment scam after being lured with high returns.

After the doctor filed a complaint, the police registered a case against unknown cyber criminals under Sections 318(4), 316(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), along with Section 66(D) of the Information Technology Act. They have launched a detailed investigation into the fraud and are tracing digital evidence and bank accounts linked to the crime.

Also read- Doctor cheated of Rs 1.15 crore through fake stock trading application, 5 arrested

According to the police, the scam occurred when the doctor was suddenly added to a group run by the fraudsters. In the group, the accused regularly shared convincing messages, investment tips, and success stories related to stock trading.

This convinced the doctor who clicked on a link shared by them to a fake trading application. They claimed that the app was a legitimate investment platform.

The doctor believed their claims and opened a demat trading account through the provided link. After opening the account, the scammers assured him 5 per cent to as high as 500 per cent.

Believing them, the doctor invested Rs.20.95 lakh in several instalments between November 19, 2025, and January 19, 2026. Soon, the doctor realised that he was duped when he could not withdraw the invested amount along with the fake profits as reported by Newsband.

Whenever he tried to withdraw the amount, the application began showing repeated “technical errors,” after which the fraudsters contacted him and demanded an additional Rs.25 lakh as a deposit. They also threatened that his existing investment would be donated to charity if he failed to pay the demanded sum.

Following this, the doctor approached the police and registered a case.

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