Indian Doctor Loses Rs 1.55 Million in Online Trading Scam

An Indian doctor has fallen victim to an online trading scam, losing Rs 1.55 million.

The victim had a Demat account and engaged occasionally in online trading. In December 2024, while browsing stock trading videos on YouTube, he clicked on a link that led to him being added to a WhatsApp group named “49 Upstocks Wealth Group.” The group members, later identified as cyber fraudsters, shared stock trading tips and persuaded him to invest in their scheme.

Convinced of the group's legitimacy, the doctor expressed interest in investing. The fraudsters directed him to download an online trading application called “UP Institutions.” On 31 December 2024, he installed the application. Over the next few weeks, between 31 December and 22 January 2025, he transferred a total of Rs 1.55 million in nine installments.

Initially, his account on the mobile application displayed a balance of Rs 2.586 million, giving him the false impression that his investment was profitable. However, when he attempted to withdraw his money, he found himself unable to do so and realized he had been scammed.

The Coimbatore city cyber crime police, India, have registered the case based on the victim's complaint. Investigations into the case are ongoing to trace the suspects.

Police officials have urged the public to remain vigilant against fraudulent investment schemes circulating on social media and to verify the legitimacy of any trading platform before committing funds.