Mumbai doctor loses Rs 65.8 Lakh in WhatsApp stock trading fraud

Cyber fraudsters posing as stock trading analysts duped a Mumbai doctor into investing large sums based on fake promises of high returns.

June 21, 2024

A 52-year-old doctor from Andheri, Mumbai, lost a staggering Rs 65.8 lakh in a cyber fraud involving stock trading advice received via a WhatsApp group, which he joined after his mobile number was added without consent. The doctor approached Mumbai police last week to file a complaint after realizing he had been deceived.

In his complaint, the doctor recounted how, four months ago, his number was added to a WhatsApp group named ‘FIS FTPL Creator C1’. The group purportedly offered lucrative investment opportunities in the stock market under the guidance of ‘chief analyst Karan Batra’. The fraudulent scheme promised investors substantial returns: 50% from institutional trading, 30% from initial public offerings (IPOs), and opportunities to become shareholders in a private equity fund.

To gain the doctor’s trust, the fraudsters reportedly displayed fabricated documents. Enticed by the promised profits, the doctor followed instructions from Batra and his team, downloading the mobile app ‘F FTPL’ and creating an account. Initially, he saw profits reflected in the app each time he invested as directed by the group.

As the doctor continued to invest, his total outlay reached Rs 65.80 lakh. However, when he attempted to withdraw his supposed profits, he encountered obstacles. Subsequently, Batra and his associates allegedly demanded additional funds under the pretext of taxes and processing fees to facilitate the withdrawal. It was then that the doctor realized he had fallen victim to a scam.

The Mumbai police suspect the involvement of an organized group proficient in cyber fraud, exploiting the names and reputations of well-known figures in the stock trading industry to lend credibility to their scheme. Officers have registered a case under relevant sections of the Indian Penal Code and the Information Technology Act, including criminal conspiracy, cheating, forgery, and identity theft.

Efforts are underway to trace the perpetrators through their bank account details used to receive the defrauded funds.