Chandigarh: In yet another alarming case of cyber fraud, a doctor from the Post Graduate Institute (PGI) has been duped of ₹1.10 crore in an online trading scam, highlighting how organised cybercriminal networks are exploiting fake investment platforms and social media to trap victims.
According to the complaint, the victim, a neurosurgery department doctor, began exploring stock market investment opportunities through social media in December 2025. In January 2026, he was added to a WhatsApp group named “Po8-5 Paisa Wealth Horizon,” which had around 250 members and was allegedly operated by individuals posing as investment advisors.
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Trust built through small investment
Initially, the doctor was asked to trade via a mobile application called “5-P.” On February 5, he made his first investment of ₹10,000. Within a short time, the app dashboard reflected profits, which helped build his trust in the platform.
Encouraged by the apparent gains, the so-called “coordinator” and “team leader” in the group persuaded him to invest larger sums. They promoted “daily return” and IPO trading schemes, promising returns of up to 5% per day—an unusually high and unrealistic figure.
₹1.10 crore transferred in 25 transactions
Falling into the trap, the doctor transferred a total of ₹1.10 crore over the next two months through 25 separate transactions. These payments were made using multiple banking channels, including UPI, IMPS, RTGS, and NEFT.
By the end of March, the app displayed a balance of ₹4.73 crore in his account, including so-called profits of ₹4.15 crore. However, this entire amount was fictitious and designed solely to mislead the victim.
Second phase: withdrawal trap
On March 23, when the doctor attempted to withdraw funds, the fraudsters demanded ₹41.59 lakh as “brokerage charges.” Despite initial suspicion, he went ahead with the payment after seeing messages from other group members claiming successful withdrawals—messages that were later believed to be fake.
The fraud escalated further when the accused demanded an additional ₹10 lakh as a “security deposit,” falsely claiming it was required by the Reserve Bank of India (RBI) due to suspected money laundering issues.
Fraud exposed, complaint filed
As the demands kept increasing and no funds were released, the doctor realised he had been cheated. He then approached the cyber crime police station, where a zero FIR was registered on April 3 and an investigation was initiated.
Preliminary findings suggest that the accused used multiple Indian and international phone numbers to communicate via WhatsApp, making it difficult to trace their identities.
A classic case of social engineering
Experts say this is a textbook example of “social engineering,” where fraudsters manipulate human psychology rather than relying solely on technical hacking.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said, “Cybercriminals today are not just hacking systems—they are hacking human behaviour. Fake apps, WhatsApp groups, and fabricated profit figures are all part of a carefully designed strategy to gain trust and extract money.”
Vigilance is the only defence
This case once again underscores the importance of staying cautious while dealing with online investment opportunities. Offers promising unusually high or guaranteed returns should always be treated with suspicion.
Experts advise investors to use only authorised and regulated platforms and to thoroughly verify any app, link, or group before engaging in financial transactions.
The Chandigarh case serves as a stark reminder that cybercrime is becoming increasingly sophisticated, with fraudsters combining technology and psychological tactics to target unsuspecting individuals.
