Bengaluru doctor loses Rs 73 lakh in fake stock trading app scam

A 70-year-old Bengaluru doctor lost Rs 73 lakh after being lured into a fake stock market app by cybercrooks who promised high returns through WhatsApp groups.

Bengaluru’s cybercrime wing has uncovered yet another elaborate scam targeting unsuspecting investors. A 70-year-old doctor from Horamavu lost Rs 73 lakh between July 12 and August 7 after falling prey to fraudsters operating through a fake stock trading app.

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The ordeal began when she clicked on an online advertisement promising high profits from stock market deals. Soon, she was added to a WhatsApp group called VIP-65 Faer PE Strategy Room where nearly 70 participants appeared to be investing actively. Group administrators, posing as financial experts, guided members, shared supposed success stories, and even credited her with an initial profit to build trust.

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Encouraged by these “returns,” the doctor invested gradually, pooling funds not only from her own account but also from relatives, eventually transferring Rs 73 lakh into the scheme. Fraudsters then displayed fake dashboards showing her balance had grown to Rs 1.7 crore, but when she attempted to withdraw, they demanded additional charges under the guise of taxes and processing fees.

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Realising she had been cheated, she contacted the cyber helpline and lodged a complaint on August 19. Investigators later confirmed the app was a replica of a legitimate trading platform and that the fraudsters had kept the WhatsApp group active to coax further payments. Police are now working to freeze linked accounts and trace the culprits.

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