Doctor searches for stock trading videos on YouTube , loses more than Rs 15 lakh after selecting a link

In recent years, there has been a significant increase in the interest of individuals in stock market investments in India. Data from the National Stock Exchange (NSE) indicates that over 120 million new investors signed up from 2019 to 2023. In just January 2024, more than 5.4 million fresh investors entered the market. Several factors contributing to this rise in investment include the existence of online platforms and applications that facilitate swift registration and provide general support related to investments.

Nonetheless, as interest in investments rises and online platforms assist individuals with trading, cyber scammers have shifted their focus to this area as well. They try to entice individuals with guarantees of substantial profits and investment advice, merely to swindle them out of their funds. Numerous instances have emerged in recent months where people claimed to have been duped by cyber fraud after trusting fraudulent investment prospects.

A recent article detailed a case involving a physician from Coimbatore who lost Rs 15.50 lakh after pressing on a YouTube link regarding investment strategies. As stated in the report, Dr. Karthik’s troubles started in December 2024 while he was viewing YouTube videos. He had previously been trading in the stock market using his Demat account. One day, while exploring investment material, he stumbled upon a link that promised additional tips and tricks for trading. By clicking it, his phone number was included in a WhatsApp group called “49 Upstocks Wealth Group,” where members, presenting themselves as specialists, exchanged trading advice to draw in investors.

Convinced that the group was authentic, Dr. Karthik expressed interest in their plan. He was subsequently asked to download a trading application named “UP Institutions.” On December 31, he downloaded the application through a link supplied by the scammers. In the following weeks, from December 31 to January 22, he ultimately transferred Rs 15.50 lakh in nine separate installments.

At first, the app displayed a balance of Rs 25.86 lakh, leading him to think his investments were increasing. Nevertheless, when he attempted to take out his money, he discovered he was unable to proceed and recognized he had been deceived. After he filed his complaint, the cybercrime police opened a case citing the applicable sections of the Bharatiya Nyaya Sanhita and the IT Act. Inquiries are in progress to identify the offenders.