Cyber Fraudsters Lure Victim Through WhatsApp Group and Fake App
Coimbatore : A 44-year-old doctor from Saibaba Colony has fallen victim to a cyber trading scam, losing ₹15.50 lakh to fraudsters. The Coimbatore cybercrime police have registered a case and launched an investigation into the matter.
How the Scam Unfolded
According to the complaint, the doctor, who occasionally engaged in online stock trading, came across a YouTube video related to stock trading in December 2024. While browsing, he clicked on a link that added him to a WhatsApp group named ‘49 Upstocks Wealth Group’.
In the group, several members posed as expert traders, sharing stock tips and convincing him to invest through a platform called ‘UP Institutions’.
After expressing interest, the doctor was provided with a trading app link and was instructed to install it on December 31, 2024. Trusting the group’s claims, he transferred funds in nine installments between December 31 and January 22, 2025, amounting to a total of ₹15.50 lakh.
Fake Profits Displayed, No Withdrawals Allowed
Post-investment, the doctor noticed the app showing a balance of ₹25.86 lakh, making him believe that his investments had grown significantly. However, when he attempted to withdraw his funds, he found it impossible and realized he had been duped.
Police Action Underway
Following the fraud, the victim filed a complaint under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology (IT) Act at the cybercrime police station. The police have registered a case and initiated an investigation to trace the culprits behind the scam.
Authorities continue to warn citizens against unsolicited investment opportunities online, urging them to verify trading platforms before making financial transactions.
