Cyber fraud alert: Doctor duped of ₹15.50 lakh via fake trading app; here’s what happened – Crypto News – Crypto News
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Cyber fraud alert: Doctor duped of ₹15.50 lakh via fake trading app; here’s what happened Cyber fraud alert: Doctor duped of ₹15.50 lakh via fake trading app; here’s what happened

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Cyber fraud alert: Doctor duped of ₹15.50 lakh via fake trading app; here’s what happened – Crypto News

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8 months ago

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A doctor from Coimbatore has fallen victim to a sophisticated cyber scam, losing a staggering ₹15.50 lakh after clicking on a seemingly harmless YouTube link. The fraud, which unfolded between December 2024 and January 2025, was first reported byThe Times of India and highlights the growing menace of online investment traps.

Dr Karthik, an active stock market investor with a Demat account, was browsing investment-related content on YouTube when he stumbled upon a link promising exclusive trading insights. Upon clicking it, he was unwittingly added to a WhatsApp group named “49 Upstocks Wealth Group,” where supposed trading experts shared lucrative stock market tips, added the publication.

According to the report, persuaded by the group’s seemingly credible discussions, Dr Karthik expressed interest in their investment scheme. He was subsequently instructed to download a trading application called “UP Institutions” via a link provided by the fraudsters. Trusting the group’s recommendations, he installed the app on 31 December 2024 and, over the following weeks, transferred a total of ₹15.50 lakh in nine instalments.

Reportedly, the app initially displayed an impressive balance of ₹25.86 lakh, leading Dr Karthik to believe his investments were flourishing. However, his confidence quickly crumbled when he attempted to withdraw his earnings, only to find himself locked out of the platform. It was then that he realised he had fallen prey to an elaborate scam.

Upon lodging a complaint, the cybercrime police registered a case under the relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. Investigations are now underway to trace the fraudsters and recover the lost funds.

Authorities continue to warn the public against such deceptive schemes. If you receive unsolicited investment links or are added to suspicious WhatsApp groups, it is advisable to report and block them immediately. In the unfortunate event of falling victim to such a scam, swift action by reporting to the police can increase the chances of tracking transactions and reclaiming lost money.

Online investment scams are on the rise, and vigilance remains the best defence against financial fraud. Always verify the authenticity of trading platforms and refrain from making transactions based on unsolicited advice from unknown sources.

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