Lucknow Doctor Scammed ₹3.52 Crore via Fake Trading Account Showing ₹26 Crore

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A medical professional from Lucknow became the victim of a sophisticated financial fraud scheme involving a deceptive trading platform.

The Fraud Scheme Unveiled

The individual, identified as Dr. Abhay Gupta, allegedly lost ₹3.52 crore after being manipulated by cybercriminals who created the illusion of substantial returns on investments in shares and initial public offerings (IPOs). The fraud involved staged account balances, coercive fee demands, and fabricated procedures to prevent fund withdrawals.

The Initial Investment and Trust Building

The scheme began when Gupta contacted a company on August 10, 2026, after receiving an offer to generate significant profits through investments in listed companies and IPOs. The organization promoted its trading platform as capable of delivering high returns. Gupta initially invested a small sum, which was later withdrawn, creating the appearance of legitimacy. This initial success encouraged him to escalate his investments, including amounts of ₹10 lakh and ₹25 lakh.

The Coercive Fee Demands and Withdrawal Barriers

A woman named Ananya Kulkarni was reportedly assigned as the account manager for Gupta’s transactions. The fraudsters allowed routine withdrawals of smaller sums to build trust before introducing barriers to larger withdrawals. On September 18, Gupta requested the withdrawal of ₹4.98 crore from his account, but the platform allegedly froze his funds. The perpetrators claimed the account required completion of a Know Your Customer (KYC) process due to suspicious activity.

The Final Loss and Aftermath

After completing the KYC procedure, the account displayed a balance of ₹26 crore. The fraudsters then demanded a 10% fee, equivalent to ₹2.60 crore, to reactivate the account and process the withdrawal. Gupta transferred the amount, and his account was temporarily restored. He managed to withdraw ₹50,000, which reinforced his belief that the remaining balance would be accessible. However, subsequent withdrawal attempts resulted in the account being frozen again, with additional payment demands under various categories. The total losses accumulated to ₹3.52 crore, despite the platform showing a fictitious balance of ₹26 crore.

The Investigation and Regulatory Response

Cybercrime authorities are investigating the case, focusing on tracing the flow of funds and identifying individuals involved in the scheme. The role of the account manager and the operators of the trading platform are under scrutiny. Financial regulators have urged investors to exercise caution when engaging with online trading platforms.

Key Recommendations for Investors

Key recommendations include verifying the registration of investment services through official bodies such as the Securities and Exchange Board of India (SEBI). Investors should avoid schemes offering guaranteed high returns and refrain from transferring funds to unverified personal bank accounts or UPI IDs. Any requests for service fees, taxes, or security deposits before releasing funds should be treated as red flags. Individuals who suspect fraud are advised to immediately contact their banks and report incidents through India’s national cybercrime helpline at 1930. Preserving transaction records, payment receipts, and communication logs is critical for investigative efforts.

Conclusion

The case highlights the growing prevalence of cyber-enabled financial fraud, emphasizing the need for heightened vigilance and due diligence when engaging with digital investment opportunities.