An ENT surgeon in the city was lured into a cybercriminal’s trap after he or she indicated interest in stock trading after seeing an advertisement on Facebook three months prior.
A cybercriminal’s trap was set when an ENT surgeon in the city saw an advertisement on Facebook three months ago and expressed interest in stock trading. After providing all the information requested, the criminals contacted the surgeon and proceeded to force him to transfer money on multiple occasions until the doctor realized he had been duped and filed a complaint with the TG Cyber Security Bureau (CSB). The ENT surgeon lost 8.60 crore in an investment fraud.
According to the police, the fifty-year-old physician, who oversees his own ENT clinic at KPHB, saw an advertisement on Facebook in May 2024. He received calls about stock trading from four individuals posing as officials of JP Morgan Chase Securities, Goldman Sachs Company, Man Group, and UBS Securities Company as soon as he clicked on the advertisement and entered his information. They presented him to their individual stock brokerage firms, stating that they were experts in profit-driven institutional trading. They traded in real time through their proprietary apps, even though they claimed to be sub-brokers for well-known institutions.
Later, on their instruction, he downloaded apps through the links they sent and began trading through them. After making his initial investments and trading through the trading apps, he was allowed to withdraw money a few times from the asset amount as displayed in the trading apps. This gave him confidence to trust them and invest more. In this manner, he invested 8,60,38,022 from May until a few days ago.
When the complainant asked them about necessary documentation like taxation from regulatory bodies like NSE and BSE, they assured him that they were compliant with all statutory requirements. They also told him that as institutional investors, they were bound by confidentiality agreements and could not disclose detailed information about the companies.
He was duped, he realized, and filed a complaint; the details of the transfers were being verified, and the case was being investigated, according to CSB officials. However, when he attempted to withdraw the returns, the organizers insisted that he pay 20% on the profit dividend and an additional 30% for short-term gain tax before he would be eligible to withdraw the returns.
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