Lucknow. A doctor from Vrindavan Yojana-4 in the PGI area of Lucknow has allegedly been cheated of ₹3.52 crore by cybercriminals who lured him with promises of substantial returns on investments in shares and initial public offerings (IPOs). The fraudsters initially gained his confidence by allowing him to earn profits on small investments before persuading him to invest larger amounts. When the doctor attempted to withdraw the money displayed in his trading account, the accused allegedly demanded various fees and security deposits. According to the victim, the account eventually showed a balance of ₹26 crore, but he was unable to withdraw his funds. He lodged a complaint at the cybercrime police station on Friday, and an investigation is underway.
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Small Investments Used to Build Trust
Dr Abhay Gupta, a resident of Himalayan Enclave Phase-2 in Vrindavan Yojana-4, said he first contacted a company on August 10 after being offered an opportunity to earn substantial profits through investments in shares of listed companies and IPOs. The company claimed that its trading platform could generate attractive returns.
Trusting these claims, Gupta initially invested a small amount. After some time, he was allowed to withdraw a portion of the profits. This appeared to establish the platform’s credibility and encouraged him to increase his investments.
The doctor subsequently invested larger sums, including ₹10 lakh and ₹25 lakh. During this period, a woman identified as Ananya Kulkarni was reportedly introduced as the person responsible for managing his account. The victim alleged that the initial investment and withdrawal transactions appeared routine, helping the fraudsters gain his confidence and persuade him to transfer increasingly larger amounts.
20% Service Fee Demanded for Withdrawal
According to Gupta, he was initially permitted to withdraw up to ₹2 lakh. However, when he later attempted to withdraw the profits accumulated in his account, the company allegedly demanded a service fee equivalent to 20% of the amount.
The doctor said he deposited the requested money, but the withdrawal was not completed. Instead of receiving his funds, he continued to face obstacles when attempting to access the money displayed on the platform.
On September 18, Gupta requested the withdrawal of ₹4.98 crore shown in his trading account. The company allegedly failed to release the payment and froze his account. He was subsequently told that he needed to complete the Know Your Customer (KYC) process, citing suspicious transactions.
The victim said he followed the instructions provided by the people managing his account, but the withdrawal problem remained unresolved.
₹26 Crore Balance Displayed, ₹2.60 Crore Demanded
Gupta alleged that after he completed the KYC process, his trading account displayed a balance of approximately ₹26 crore. The company then reportedly told him that he would have to deposit 10% of the displayed amount to reactivate the account and complete the withdrawal process.
Based on this calculation, he was asked to pay ₹2.60 crore. Believing that the payment would allow him to access his money, the doctor transferred the demanded amount.
His account was subsequently reactivated, and he managed to withdraw ₹50,000. This small withdrawal reinforced his expectation that the remaining balance would also be released.
However, when he attempted another withdrawal, the account was frozen again. The accused allegedly continued demanding additional payments under different fee and other payment categories.
According to the complaint, the repeated demands for money in the name of withdrawal ultimately resulted in a total loss of ₹3.52 crore. Despite the substantial balance displayed on the platform, the doctor was unable to recover his invested money.
Police Investigating Bank Transactions
Cybercrime police have registered a case based on the complaint and begun an investigation. Investigators are examining the transaction records, bank accounts and digital evidence related to communications between the victim and the people operating the platform.
The investigation will seek to establish where the money was transferred and identify those allegedly involved in the fraud. The role of the woman introduced as the account manager and the individuals operating the trading platform will also be subject to verification.
Precautions Against Online Investment Fraud
Investors should independently verify the registration and credentials of any investment platform or broker before transferring money. Registration details can be checked through the official website of the Securities and Exchange Board of India (SEBI).
People should be cautious of schemes promising guaranteed or unusually high returns. They should avoid transferring investment funds to personal bank accounts or UPI IDs belonging to unknown individuals.
Demands for additional service fees, taxes or security deposits before releasing supposed profits should also be treated as warning signs. Investors should independently verify such requests through official channels before making further payments.
Anyone who suspects that they have been cheated should immediately inform their bank and report the incident through India’s national cybercrime helpline at 1930. Preserving bank statements, payment receipts, screenshots and chat records can help investigators trace transactions and establish the sequence of events.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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