Trading con: City doctor loses money in 11 days

Mysore/Mysuru: In yet another case of online investment fraud, a 29-year-old doctor from the city has lost Rs. 22 lakh to cyber scammers.

According to the FIR registered at Cyber Crime, Economic Offences & Narcotics (CEN) Police Station, the victim, identified as Dr. Ramesh (name changed), a resident of Vijayanagar, was duped within a span of 11 days between Feb. 16 and Feb. 26.

In his complaint on Mar. 2, the doctor stated that he was added to a WhatsApp group ‘19 Stock Market Stable Group’ on Jan. 12 by a person, named Vijay Lodha.

The group members conducted a week-long online ‘training’ on stock trading before providing Ramesh with login credentials through a dedicated link to begin investing. Ramesh was later told that the trading would be carried out under the name ‘Elevation Capital Series 1, LP Stock Broker Company.’  Trusting the claims, the doctor transferred Rs. 22 lakh from his SBI account through IMPS and RTGS to various bank accounts provided by the accused.

The fraud came to light when the accused demanded an additional 40 percent of the deposited amount, claiming that the investment account had been frozen by the Securities and Exchange Board of India (SEBI) and that the payment was required to release the funds.

Realising he had been cheated, the doctor contacted the Cyber Crime Helpline (1930) and lodged a complaint. Police have registered a case under Section 66(D) of the Information Technology Act, 2000, and Sections 318(4) and 319(2) of BNS, 2023. Further investigation is on.