Police Warn of Stock Trading Scams: How Tamil Nadu Doctor Lost Rs 76.5 Lakh to Con Artists (Representational Image: Unsplash) 
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Tamil Nadu Doctor Scammed Rs 76.5 Lakh in Stock Fraud Linked to YouTube Ad

Online Scam Leaves Tamil Nadu Doctor in Financial Ruin After Clicking YouTube Investment Ad

Yash Kiran Kamble

Tamil Nadu Doctor Loses Rs 76.5 Lakh in Stock Investment Scam Promoted through YouTube Ad

In a recent and unsettling case of online fraud, a government doctor in Tamil Nadu fell victim to a stock trading scam that cost him Rs 76.5 lakh. The scam began innocuously enough: a YouTube advertisement promoting stock trading tips piqued his interest. The doctor, an associate professor at a government medical college, clicked on the ad and was redirected to a WhatsApp group. Here, he was introduced to self-proclaimed expert traders who shared “profitable” investment strategies and posted screenshots of supposed gains.

High returns act as warning bells for fraud at times.
Cyber experts

Scam Progression: From YouTube to WhatsApp to Significant Losses

The scam followed a common tactic involving online ads promising easy financial gains. After watching the YouTube ad, the doctor was invited into a WhatsApp group where “Diwakar Singh,” a person posing as a financial expert, and others regularly discussed stock tips, investment techniques, and shared examples of their supposed trading success. The group’s structure was designed to appear professional and credible, with frequent conversations about stock market opportunities.

The scammers gradually won the doctor’s trust, introducing him to basic investment concepts and recommending that he buy stocks with high growth potential. After gaining his confidence, the scammers urged him to create an account on a supposedly secure trading platform, where they guaranteed high returns, citing an average profit rate of 30% from major Indian and U.S. stocks. Believing his investments were safe, the doctor began transferring funds over the course of several weeks in October.

Avoid clicking on ads that promise quick returns. Scammers use social media and video platforms to lure potential victims.
Cybersecurity officials

Financial Downfall and the Final “Processing Fee” Demand

Initially, the doctor saw no reason to doubt the scammers and deposited Rs 76.5 lakh into the fraudulent trading account. But the deceit became clear on October 22 when he attempted to withdraw Rs 50 lakh. At this point, he received an unexpected message from the scammers, demanding an additional Rs 50 lakh as a “processing fee,” supposedly required by a “Qualified Institutional Buyers Association.” Alarmed, the doctor realized his funds were inaccessible and that he had been conned. He immediately filed a complaint with local authorities, detailing how he had been swindled by a group using clever manipulation and empty promises of high returns.

YouTube Ad Leads to Costly Fraud for Tamil Nadu Doctor; Police Urge Caution in Online Trades (Representational image: Unsplash )

Safety Tips for Avoiding Online Investment Scams

In response to this incident, police and cybersecurity experts are urging the public to remain vigilant about online investment scams. Here are some key guidelines to help avoid falling prey to similar fraudulent schemes:

1. Avoid Clicking on Unsolicited Ads: Online platforms, especially social media and video sites, often feature ads promoting stock trading tips and high-yield investments. Avoid clicking on unsolicited ads, as scammers use these as a means to lure unsuspecting victims.

2. Conduct Thorough Research: If interested in trading, consult certified financial advisors and research any investment platform before engaging. Verifying the legitimacy of a platform or advisor can help prevent significant financial loss.

3. Be Wary of “Guaranteed” High Returns: Be cautious of anyone promising unusually high returns. If the return rates seem too good to be true, they likely are, and this should raise a red flag about the potential for fraud.

4. Avoid Joining Unverified Groups: Be cautious about joining unverified WhatsApp or Telegram groups that claim to provide investment advice. Scammers often use these groups to create a false sense of credibility, encouraging users to take high financial risks.

(Input from various sources)

(Rehash/Yash Kamble)

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