A 45-year-old doctor from Visakhapatnam has become the latest victim of a sophisticated cyber investment fraud, losing a staggering sum of Rs 2.5 crore to fraudsters posing as stock market experts on WhatsApp. The case, now under investigation by the Cyber Crime police in Vizag, highlights a dangerous and growing trend of online financial scams.
The Elaborate WhatsApp Trap
The doctor was unknowingly added to a WhatsApp group that was presented as a forum for profitable stock market trading. The group, managed by several administrators, appeared legitimate. One admin conducted regular sessions on identifying stocks for high-return trades, while other group members posted screenshots showcasing successful transactions, creating an illusion of authenticity and trust.
Lured by the promise of substantial profits, the victim was persuaded to download a specific trading application recommended by the fraudsters. An administrator personally assured him of huge returns if he traded exclusively on their platform. Convinced by the setup, the doctor initiated his first investment with a transfer of approximately Rs 1 lakh to a provided State Bank of India (SBI) account.
The Downward Spiral of Investments
Initially, the trading dashboard on the app showed profits, which further bolstered his confidence. Seeing this ‘growth’, the fraudsters aggressively urged him to increase his investment to maximize gains. Over the following months, the victim fell deeper into the trap.
He proceeded to transfer over Rs 2.5 crore through more than 10 separate transactions. The payments were routed to various bank accounts and different individuals as instructed by the scammers, a common tactic to obscure the money trail. While he managed to withdraw a small amount initially, the fraudsters soon changed their tactics.
The Final Realization and Police Complaint
When the doctor attempted to withdraw more of his funds, the fraudsters introduced new obstacles. They demanded additional deposits under the pretext of covering taxes and other fees, claiming this was necessary to process the withdrawal. It was at this point that the victim realized he was caught in an elaborate scam and had lost his entire investment.
He immediately filed an online complaint with the Cyber Crime police in Vizag city, seeking urgent action to track the fraudsters and recover his money. Police officials confirmed that such cyber investment scams are becoming increasingly common not just in Visakhapatnam but across several parts of Andhra Pradesh.
Official Warning to the Public
A police officer involved in the case issued a stern advisory to netizens. "We consistently advise the public not to believe unsolicited posts or advertisements on social media platforms and to avoid investing in various online trading schemes promoted through such channels," the officer stated.
"If someone is keen on making an investment, they should only do so after visiting the physical office of the trading firm and receiving proper, verified guidance," the officer added, emphasizing the importance of due diligence and verifying the legitimacy of any investment platform before transferring funds.
