New Delhi: A 31-year-old doctor from Nagpur, Maharashtra, has allegedly been defrauded of ₹4.616 million (₹46.16 lakh) in an online stock market investment scam after cybercriminals lured him through a YouTube advertisement and a fake investment platform. According to police, the fraudsters posed as representatives of an equity broking firm, persuaded the victim to invest in stock market opportunities promising exceptionally high returns, and eventually collected ₹4.616 million through multiple bank transfers. The fraud came to light when the victim was asked to pay an additional ₹1.6 million as a “processing fee” to withdraw his purported profits.
Police said the victim has been working at a medical college since April 2025 and has been investing in the stock market for the past four years. In May 2026, he came across a YouTube advertisement promoting stock market investments. On May 15, a man identifying himself as Hemant Oswal contacted the doctor via WhatsApp, claiming to represent a reputed equity broking company. He offered professional investment guidance and added the victim to a WhatsApp investment group.
During the investigation, police found that another individual, identified as Nischil Jain, regularly shared stock recommendations within the group and allegedly circulated what appeared to be a SEBI registration certificate to make the platform appear legitimate. The victim reportedly gained confidence after seeing apparent early profits reflected on the investment platform.
Investigators alleged that Hemant Oswal, Nischil Jain, Subhi Agrawal, and other associates repeatedly encouraged the doctor to invest larger amounts by promoting various investment schemes with promises of substantial returns. Acting on these assurances, the victim transferred ₹4.616 million in multiple instalments to several bank accounts specified by the accused. The online platform allegedly continued displaying increasing profits, reinforcing the victim’s belief that his investments were secure.
The scam unravelled when the fraudsters claimed that the doctor’s investments had generated profits of ₹165.2 million (₹16.52 crore). However, when he attempted to withdraw ₹5 million (₹50 lakh), he was informed that he first had to pay an additional ₹1.6 million (₹16 lakh) as a processing fee. Suspicious of the demand, the victim refused to make any further payments and approached the cyber police.
Based on the complaint, cyber police have registered a case against Hemant Oswal, Nischil Jain, Subhi Agrawal, the management of the alleged equity broking company, and the operators of the WhatsApp investment group under relevant provisions of the Information Technology Act and other applicable laws. Investigators are examining bank accounts, digital transactions, WhatsApp communications, the investment platform, and other electronic evidence. Authorities are also trying to determine whether the same network has targeted additional investors using a similar modus operandi.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said cybercriminals increasingly exploit YouTube advertisements, social media platforms, and messaging applications to promote fraudulent investment schemes and build credibility. He noted that fake SEBI registration certificates, manipulated investment dashboards, and fabricated initial profits are common tactics used to deceive investors.
He advised the public to independently verify the regulatory status of any investment platform, never rely solely on documents shared online, and immediately halt transactions if additional fees or taxes are demanded before permitting withdrawals. He further urged victims to report such incidents without delay through the National Cyber Crime Helpline (1930) and the National Cyber Crime Reporting Portal, as prompt reporting significantly improves the chances of fund recovery and helps investigators trace the perpetrators.
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.
