Major Online Share Trading Scam Dupes Vizag Doctor and Others of Rs 1.6 Crore
In a shocking case of cyber fraud, more than ten individuals, including a doctor from Visakhapatnam (Vizag), were collectively defrauded of approximately Rs 1.6 crore in an elaborate online share trading scam during January. The criminals, operating under false pretenses, enticed victims with promises of high returns on stock investments before systematically siphoning funds from their bank accounts.
How the Scam Unfolded: A Doctor's Ordeal
The incident came to light when a 50-year-old doctor, while browsing social media platforms, was approached by unknown individuals who added him to a WhatsApp group named "A16 stock sharing." This group aggressively marketed itself as offering exclusive trading opportunities with guaranteed profits. One member, claiming affiliation with a Mumbai-based firm, assured the doctor of free stock trading tips that would yield substantial and assured returns.
After verifying the group's claims through conversations on WhatsApp and observing other members' purported success stories, the doctor began to place his trust in the fraudster. Following detailed instructions, he was sent a link to download a specialized application for registration and to obtain a trading license. Believing he was on the path to significant earnings, the victim proceeded to transfer over Rs 10 lakh in phases to various bank accounts provided by the scammers.
The deception deepened when the doctor attempted to withdraw his apparent profits. The fraudster cited multiple excuses, such as technical issues or additional fees, and pressured him to transfer more money. It was only at this point that the doctor realized he had fallen victim to a scam and promptly filed a formal complaint at the local cyber police station.
Widespread Impact and Police Investigation
Police investigations revealed that this was not an isolated incident. Over ten residents from different parts of Visakhapatnam had been similarly targeted, with individual losses ranging from Rs 10 lakh to Rs 30 lakh. Collectively, these victims suffered a total financial loss exceeding Rs 1.6 crore in what authorities have identified as a coordinated online share trading fraud.
Law enforcement officials have highlighted a concerning trend: online investment scams are proliferating as investors increasingly seek quick and hefty returns. In response, the police have issued a public appeal, urging citizens to exercise extreme caution against such lucrative schemes.
Essential Safety Advice from Cyber Police
To combat these rising threats, authorities recommend the following precautions:
- Thoroughly verify the authenticity of any online trading platform before engaging.
- Refrain from making financial transactions based on unsolicited advice from unknown sources or social media contacts.
- Be skeptical of promises of assured or unusually high returns, as these are common red flags for fraud.
- Report any suspicious activity immediately to cyber crime units to prevent further victimization.
This case underscores the critical need for vigilance in the digital age, where sophisticated scams can exploit trust and ambition for financial gain.
