Coimbatore: A 44-year-old anaesthetist from Saibaba Colony, Dr Karthik, fell victim to a cyber fraud involving an online trading scam, losing ₹15.50 lakh to unidentified fraudsters.
Scam Unfolded Through WhatsApp Group
Dr Karthik, who had a demat account and occasionally traded online, came across stock trading videos on YouTube in December 2024. Clicking on a link, he was added to a WhatsApp group named ‘49 Upstocks Wealth Group’, where fraudsters posing as investment experts lured him into their scheme.
Fake Trading App Used to Deceive Victim
The scammers convinced him to download an app called ‘UP Institutions’, promising lucrative returns. Between December 31, 2024, and January 22, 2025, he transferred ₹15.50 lakh in nine instalments. Initially, his account showed a balance of ₹25.86 lakh, but when he attempted to withdraw, he realized he had been scammed.
Police Register Case, Warn Public
Dr Karthik lodged a complaint with the Coimbatore city cybercrime police, who have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act. Investigations are underway to track the fraudsters.
Authorities have urged the public to exercise caution while investing in online trading platforms and to verify the authenticity of financial schemes before making transactions.
