India is witnessing an alarming rise in online investment scams. Scammers are duping people by luring them with fake schemes, which take advantage of their desire to make easy money. In a recent case, a government doctor in Tamil Nadu lost Rs 76.5 lakh to scammers after clicking on a YouTube advertisement promising stock market guidance.

The victim, reportedly an associate professor at a government medical college, clicked on a YouTube advertisement that promoted online trading guidance. When they clicked on the ad, they were redirected to a WhatsApp group where several people posing as investors discussed stock market strategies and shared screenshots of alleged profits. Seeing an attractive opportunity to learn trading from experienced professionals, the doctor jumped in, reports The Hindu.

In the early days, the WhatsApp group introduced the doctor to the basic concepts of online trading, further strengthening his belief in the validity of the group. The group was reportedly managed by an individual named “Diwakar Singh”, who often shared trading tips and recommendations for both short-term and long-term investments. Gradually gaining confidence, the doctor decided to explore the opportunity further and was reportedly persuaded to open an account on an online platform meant for stock trading.

The group members promised the victim significant returns on his investments, and assured him that his money would be invested in major Indian and US stocks. Scammers recommended specific stocks and IPOs, citing 30 percent profit margins, creating a false sense of security. Lured by the attractive offer, the doctor started transferring funds to the specified account through the link shared by the scammers. In a span of three weeks in October, the victim said he sent around Rs 76.5 lakh.

However, on October 22, when the doctor tried to withdraw Rs 50 lakh from his account, the website rejected the transaction, citing an additional fee of Rs 50 lakh required by the so-called “qualified institutional buyer consortium” to process the withdrawal. Did it. This unexpected demand set off alarm bells. Realizing that he had no control over his money, the doctor realized that he had been defrauded and reported the matter to the local authorities.

It is noteworthy that this case is not an isolated example of online scams. In recent months, cases of individuals falling prey to such schemes have been increasing. These scammers exploit vulnerable individuals looking for easy profits. For a detailed explanation read: “First they share tips, then scam people and steal their money: Online Stock Market Scams Explained.”

Meanwhile, police and cyber officials are urging the public to be wary of online advertisements promising quick returns. Experts advise individuals to avoid unwanted links, refrain from sharing financial details in unverified groups. If anyone is looking for guidance, they are asked to consult certified financial advisors. Remember, if an offer seems too good to be true and promises high returns, it is probably a scam.