Caught In The Web: Bengaluru Doctor Swindled Of ₹1.16 Crore In Online IPO Fraud

In recent years, the surge in online trading and investment opportunities has attracted countless individuals seeking to grow their wealth suddenly. However, this digital space has also become a breeding ground for scams and fraudulent schemes.

In a mind-brending event, a Bengaluru-based doctor reportedly lost Rs 1.16 crore to cyber fraud while trying to invest in Initial Public Offerings (IPOs) and other stocks, according the Indian Express report.

As per the Indian Express report, the victim who is a resident of Srinivasanagar has filed a complaint with the South CEN police after coming to know that he had been deceived.

The Lure of Quick Returns

The saga began when the doctor came across an advertisement for IIFL trading while browsing Facebook, added the report.

Keeping out the tendancy to know more of it, he clicked the links and was quickly drawn into a WhatsApp group that discussed about trading strategies.

Although, at the beginning, things went quite normal. The doctor invested Rs 1.20 lakh on July 22, and saw his investment swell to Rs 3.63 lakh by August 12. According to Indian Express report, this initial success led him to believe he was onto something big.

Encouraged by the early profits, the doctor became more involved with the group and didn't realise that it was going to be a scam where the members in the group were fraudsters pretending to be genuine investors.

Furthermore, the members in the Whatsapp group urged him to invest in the Indian Phosphate Limited IPO, which was set to launch on August 26. Trusting their advice, he invested a staggering Rs 1.20 crore and later found himself unable to withdraw any funds afterward, reported the Indian Express.

Later, he reported the incident to the police helpline, leading to a formal complaint, added the report.