Chandigarh: Doctor, wife duped of Rs 1.4 cr in online fraud

A doctor and his wife have reportedly lost nearly Rs 1.4 crore in an online scam involving fake stock-trading platforms.

In his complaint to the police, Dr Anupam Lal, a resident of Sector 24-B, has alleged that a group of cyber fraudsters posing as employees of JM Financial persuaded him to deposit large sums in the several bank accounts of fictitious portfolio management services. They operated through a WhatsApp group titled “W6 Stock Uptrend Club”, the victim alleged.

Police investigations revealed that many of the recipient accounts were linked to shell companies, indicating a complex money-laundering operation.

Between August and September 2024, the couple made at least 18 transfers, with individual payments ranging from Rs 50,000 to Rs 24.5 lakh. Initially, the fraudsters paid modest profits, a tactic commonly used to build trust. Once a substantial amount had been invested, the couple found themselves locked out of withdrawal options. Communication from the alleged representatives of the company stopped soon after.

Dr Lal reported the largest single transaction of Rs 24.5 lakh on the National Cyber Crime Portal on October 11 last year.

Following a preliminary investigation, the police registered a case under various sections of the Bharatiya Nyaya Sanhita. The investigation is ongoing to trace the perpetrators and recover the couple’s money.

Chandigarh