79-year-old doctor loses Rs 25 lakh in share trading fraud; two held

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Mumbai, Aug 25 (PTI) Cyber police arrested two individuals for allegedly duping a 79-year-old doctor from Mumbai of Rs 25 lakh through a fraudulent share trading scheme, an official said on Monday.

The accused, identified as Prashant Chaudhary and Richard Rao, were found to be in contact with cyber fraudsters and had opened multiple bank accounts used to facilitate the fraudulent transactions, he said, adding that the arrests were made by the cyber cell of the Western Region.

The victim, a senior doctor residing in Powai who also runs a private company, received a WhatsApp message last month promoting a stock investment opportunity.

The message included a customer care number of a private firm. After joining a group linked to the scheme, he was regularly sent stock analyses and investment advice, police said.

The doctor invested approximately Rs 25 lakh in various shares, hoping for high returns, during July. Initially, his account reflected profits, which increased his confidence.

However, when he attempted to withdraw funds, the transactions repeatedly failed, the police official said.

Despite multiple queries to the group administrator and a woman associated with the scheme, he received no response. Instead, he was told that his "score" was low and that he needed to invest more to access his returns. When he refused, communication from the fraudsters ceased entirely.

Realising he had been defrauded, the doctor approached the Western Region Cyber Cell and filed a complaint.

After verification, police registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act against unidentified cyber fraudsters.

During the investigation, the trail of transactions led police to Chaudhary and Rao, the official said.

The probe revealed that both had provided their bank accounts to known cyber fraudsters. Funds from this case and other similar scams had been deposited into these accounts, which the accused then transferred to the fraudsters in exchange for a fixed commission, the official added.

Further investigation is underway. PTI ZA NSK