How a Bengaluru doctor lost Rs 73 Lakh to a Fake Trading App

Bengaluru: In a recent case of cyber fraud, a Bengaluru doctor has been defrauded of ₹73 lakh by scammers operating a fake investment scheme. Over just four weeks, she was manipulated into investing through a counterfeit trading app — all while being shown fake profits of ₹1.7 crore. 

According to the news reports, the doctor, a resident of Horamavu, came across an online advertisement promoting stock market investments. Upon clicking it, she was added to a WhatsApp group named “VIP-65 Faer PE Strategy Room”, which appeared to be run by experienced traders and had around 70 participants. Group administrators — identified as Ram Manohar M (mobile numbers 7870176400 and 7600517738) and Vamsi Ramana (7839535970) — posted investment strategies and screenshots of alleged profits made by other members, creating an illusion of legitimacy and success.

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Initially, the doctor observed the group passively. The constant chatter about successful investments and screenshots of high returns gradually convinced her of the group's authenticity. The fraudsters even credited her account with an initial ₹50,000 as “profit” to build trust.

Encouraged by the initial payout and continuous updates in the group, the doctor was persuaded to invest more funds through a trading app called FaerPE, which the fraudsters claimed was a high-return stock market platform. They offered two investment strategies: daily trading through block deals and long-term investments.

Over several transactions, she transferred ₹73 lakh — not only from her own bank accounts but also from those of her relatives, including her nephew. The app displayed returns of ₹1.7 crore, reinforcing her belief in the scheme.

When the doctor attempted to withdraw her earnings, the scam took a darker turn. The fraudsters demanded additional payments under various pretexts, including taxes, processing fees, and penalties. Despite repeated attempts to retrieve her money, the demands continued to escalate.

Growing suspicious, the doctor refused to make further payments and reported the matter to the National Cybercrime Helpline (1930) and filed a police complaint on August 19.

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Speaking to TOI, the police said the app and the portal created by the cybercrooks were fake and replicas of a genuine trading company. Efforts are being made to freeze the money in the accounts of the fraudsters. Interestingly, the crooks kept the WhatsApp group active even as the doctor filed a police complaint, and continued to message her, trying to convince her to make a payment to withdraw Rs 1.7 crore.