PGI doctor loses Rs.1 cr in online trading fraud
Chandigarh, April 6 -- A 33-year-old doctor, working in the neurosurgery department of Post Graduate Institute of Medical Education and Research, Chandigarh, was allegedly duped of Rs.1.10 crore in an online trading fraud.
According to the complaint submitted to the cyber crime police station, Sector 17, thevictim, a resident of Sector 38-C, was lured into a fraudulent investment scheme earlier this year.
Police said the complainant began exploring stock market investments 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.
The group was allegedly operated by individuals posing as investment advisors, including a coordinator and a team leader, who convinced him to open a trading account on a mobile application named '5-P'.
Initially, the doctor invested Rs.10,000 on February 5 via Unified Payments Interface (UPI). Gaining his trust with purported profits displayed on the app dashboard, the fraudsters encouraged him to invest larger amounts in so-called "daily return" and initial public offering (IPO) trading plans, promising returns as high as 5% per day.
Over the next two months, the victim transferred Rs.1.1 crore in 25 separate transactions through various banking channels, including UPI, immediate payment service (IMPS), real-time gross settlement (RTGS), and National Electronic Funds Transfer (NEFT), into multiple bank accounts.
By the end of March, the app reflected a balance of Rs.4.73 crore, including alleged profits of over Rs.4.15 crore. However, when the victim requested withdrawal on March 23, he was asked to pay an additional Rs.41.59 lakh as "brokerage charges".
Despite growing suspicion, the complainant proceeded with the payment after other purported group members claimed to have successfully withdrawn large profits.
Subsequently, the fraudsters demanded another Rs.10 lakh citing a "security deposit" allegedly required by the Reserve Bank of India (RBI) due to suspected money laundering.
Realising the fraud, the victim approached the cyber crime police.
All communications with the accused were carried out via WhatsApp, using multiple Indian and international numbers.
Police have registered a zero FIR dated April 3 and initiated an investigation....
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