A doctor couple originally from Varanasi and currently living in Doha, Qatar, has allegedly been defrauded of ₹2.99 crore in an elaborate online investment scam involving fake stock market recommendations, IPO opportunities and a fraudulent trading application.
The victims reportedly transferred a total of ₹2,99,18,520 through nine separate transactions over approximately five weeks. The fraud came to light when they attempted to withdraw their invested capital and displayed profits but found their accounts blocked.
Following their complaint, cyber police in Varanasi traced the financial transactions and reportedly froze ₹87 lakh across linked bank accounts. Investigators are examining nearly 1,000 associated accounts to identify those involved and follow the movement of the funds.
Fake Investment Firm Used to Attract Investors
According to the complaint, the victims originally lived in the Vinayaka area of Bhelupur, Varanasi, but are currently employed in Doha.
The alleged fraud began when the woman doctor was visiting Varanasi and received an unsolicited message on Facebook Messenger from an organisation identifying itself as Bollinger Band Academy.
Representatives allegedly promoted short-term investment opportunities in equities and initial public offerings (IPOs), claiming that these could generate substantial returns.
After establishing contact, the woman was reportedly added to a WhatsApp group named F-6 Set Your Dreams in Motion, which had approximately 120 members.
An administrator using the name Ananya Das allegedly shared investment guidance and directed members to a trading platform operating through the domain upsktvpro.com.
Fake SEBI Documents and Trading App Created an Impression of Legitimacy
To make the investment operation appear genuine, the group administrators allegedly circulated Securities and Exchange Board of India (SEBI) registration certificates and other official-looking regulatory documents.
These materials reportedly helped convince the couple that the organisation and its trading platform were operating under recognised financial regulations.
The platform displayed increasing investment gains, creating the impression that the couple's investments were generating significant profits.
However, the alleged regulatory documents and platform credentials have not been independently established as genuine. Investors should verify the registration status of any intermediary directly through SEBI's official resources rather than relying on certificates circulated through messaging groups.
Nine Transactions Transferred Nearly ₹3 Crore
Between September 21 and October 26, the couple allegedly transferred money into multiple bank accounts based on instructions received through WhatsApp and a purported customer support channel.
The nine transactions reportedly totalled ₹2,99,18,520. Each payment was directed to a different individual or corporate current account.
The platform continued displaying apparent profits, encouraging the victims to believe that their investment strategy was successful.
The alleged fraud became apparent when the couple attempted to withdraw their original capital and accumulated earnings. Their withdrawal requests were reportedly rejected, and the operators demanded additional payments described as clearance commissions.
When the couple questioned the demands and sought the return of their funds, the communication channels allegedly stopped responding and the contact numbers were switched off.
Police Trace Transactions Across Multiple States
Following the complaint, Varanasi cyber police began examining the financial trail. Investigators reportedly identified transfers involving accounts across several states.
The banks and locations mentioned in the investigation include:
Uttar Pradesh: Shivalik Small Finance Bank, Ambedkar Road, Ghaziabad.
West Bengal: Bandhan Bank in Salt Lake City, Kolkata, and Central Bank of India accounts in Malda.
Assam: Federal Bank accounts in Kamrup and Paltan Bazaar, Guwahati.
Haryana: Central Bank of India accounts in Sonipat.
Telangana: Central Bank of India accounts in Ranga Reddy district.
Bihar: Bank of India accounts near Uma Devi Girls School in Katihar.
Karnataka: Bank of India accounts in Bengaluru.
By following these transaction trails, the cyber police reportedly succeeded in freezing ₹87 lakh across linked accounts before the money could be withdrawn or transferred further.
Investigators are also examining approximately 1,000 associated bank accounts to identify account holders, trace financial movements and establish the network behind the alleged fraudulent trading platform.
Investment Fraud Highlights Risks of Unverified Trading Platforms
The incident demonstrates how fraudulent investment schemes can combine social media advertisements, messaging groups, fabricated regulatory documents and trading applications to create an appearance of credibility.
Investors should independently verify financial intermediaries and their registration status before transferring money. Promises of unusually high returns, pressure to make repeated deposits and demands for additional charges before withdrawals are important warning signs.
People who suspect investment fraud should preserve transaction records, bank details and relevant communications, and report the incident promptly through the national cybercrime helpline 1930 or the official portal cybercrime.gov.in.
Cross-border financial activity and suspicious transfers can also require detailed transaction analysis. Organisations and individuals seeking assistance with financial irregularities can explore Shunyatax's financial investigation and forensic support.