Indian doctor loses $70K to fraudulent investment scheme

An Indian doctor has lost about Rs. 63 lakh (approximately $70,000) to a fraudulent scheme after he was lured under the pretext of high returns. The 69-year-old doctor from Ahmedabad, who has been practising for three decades, reported the incident to the city cybercrime branch in the region.

According to the complaint filed at the police station, the doctor was initially contacted on WhatsApp by an individual claiming to be an investment assistant from a prominent company. He introduced himself to the victim and introduced the kinds of assets they help people trade, listing stocks, digital assets, and others.

The man claimed that he was assured of profits if he invested his funds in the company’s investment scheme. After a while, the doctor said the suspect impressed him, and he agreed to invest.

Indian doctor loses funds to fraudulent investment scheme

The Indian doctor claimed that after he agreed to the investment, the suspect added him to a WhatsApp group that had several members. He claimed that the group was made up of people who were interested in the investment, while others were already investing and reaping the benefits of their investments. He claimed that aside from the suspect, others were administrators on the WhatsApp group and directed the day-to-day affairs on the platform.

While he was in the group, the Indian doctor claimed that some members flooded the group with screenshots showing what they had gained so far, while thanking the suspect and his accomplices. After a while, the doctor claimed that the criminals asked him to download an application and gave him specific steps to follow. He highlighted that after he carried out the steps and invested, the app showed his balance, which made him trust the suspects and the investment.

Over time, the doctor claimed that he transferred Rs. 64 into several bank accounts provided by the scammers. However, the scam unraveled after the doctor tried to withdraw his funds. The scammers asked him to pay Rs. 16.91 lakh to access his funds.

The Indian police also confirmed that a complaint has been registered under BNS Sections 316 (criminal breach of trust), 319 (cheating by impersonation), 336 (forgery), 340 (forged document or electronic record and using it as genuine), and 61(2A)(criminal conspiracy) against five people.

India set to deploy federal agency to tackle criminal activities

As another year winds down, the cybercrime epidemic in India has continued, with scammers wreaking havoc at any given opportunity. The scammers have been carrying out all sorts of criminal activities as the country continues to grapple with its failure to come up with the needed legislation to safeguard users in the industry.

Over the last few months, scammers have carried out different kinds of attacks, stealing funds and digital assets from domestic and international victims.

The country has also been able to register a degree of success against the criminals, with recent news highlighting how the Central Bureau of Investigation (CBI) of India busted a sophisticated transnational criminal enterprise targeting United States citizens. The operation was carried out in collaboration with the United States Federal Bureau of Investigation (FBI), nabbing several suspects in its raid.

Reports claimed that the network has been in operation since 2022, stealing about $8 million from these scams.

Meanwhile, there are talks of the government bringing in a central agency to oversee the issue. These issues span several activities, including crypto theft, fake investments, digital arrests, and others. The report highlighted that criminals usually carry out these activities with the mindset of stealing from their victims. When the victims eventually send them money, they route it through several mule accounts before moving it into crypto and sending it out of the country.