Thiruvananthapuram: In a shocking case of cyber-enabled financial fraud, a doctor from Thiruvananthapuram has reportedly lost more than ₹1.11 crore after being lured into a fake share trading scheme. A 25-year-old man from Bapunagar, Gujarat, was arrested by the City Cyber Crime Police for orchestrating the scam.
Money Converted to Crypto, Then Allegedly Smuggled Abroad
Investigators revealed that the money extracted from the doctor was quickly routed into cryptocurrency and digital wallets, making it harder to trace. Police suspect that the funds were later converted and smuggled outside India, a tactic increasingly observed in modern cyber fraud cases.
The doctor was initially contacted via mobile apps, WhatsApp, and Telegram, where the accused convinced him to make multiple bank transfers with the promise of exceptionally high returns.
Police Conduct Multi-State Search to Arrest Accused
A special investigation team conducted extensive searches across Ahmedabad and nearby regions to locate the suspect. After his arrest, he was produced before the Thiruvananthapuram Additional Chief Judicial Magistrate (ACJM) and subsequently remanded to custody.
Police officials told Onmanorama that this is the third arrest in connection with the case. The probe is being led by Inspector Shameer M K under the guidance of senior city police authorities.
Growing Trend of Cyber Investment Scams Across India
The case adds to a rising pattern of cyber investment scams, where fraudsters use social media and encrypted platforms to target professionals, including doctors, chemists, and businessmen.
Similar Cases Reported: Chemist in Gujarat Loses ₹1.01 Crore
A comparable incident was recently reported from Gujarat, where a chemist in Gondal district lost ₹1.01 crore after joining a fraudulent investment group on WhatsApp. As previously reported by Medical Dialogues, the victim was drawn in through promotional reels and IPO discussions on platforms like Facebook, Instagram, and WhatsApp, ultimately leading him into the scam.
