Doctor duped of Rs 1.16 crore in fraudulent trading scheme

NT Correspondent Bengaluru: A Bengaluru-based doctor, residing in Srinivasanagar, reported a staggering loss of Rs 1.16 crore due to a cyber fraud scheme that unfolded between July 18 and September 19. The victim approached South CEN police after realizing he had been misled into investing in Initial Public Offerings (IPOs) and other stocks. The doctor discovered the scheme while browsing Facebook, where he encountered an advertisement for IIFL
trading. Intrigued, he joined a WhatsApp group that promised lucrative trading opportunities. Initially, his investment of Rs 1.20 lakh on July 22 yielded impressive returns of Rs 3.63 lakh by August 12, reinforcing his trust in the group.
Unknown to him, this was part of a larger scam. A financial advisor within the group directed him to invest in the Indian Phosphate Limited IPO, set to launch on August 26. Trusting the group, he invested Rs 1.20 crore, but this time, attempts to withdraw his funds were met with failure.