A 31-year-old doctor from Nagpur, Maharashtra, has allegedly lost ₹46.16 lakh in an online stock market investment scam after cybercriminals approached him through a YouTube advertisement.

According to police, the accused posed as representatives of an equity broking company and persuaded the doctor to invest through an online platform that appeared to offer profitable stock market opportunities.

The platform allegedly displayed increasing returns as the victim transferred larger amounts. The suspected fraud became apparent when the doctor attempted to withdraw part of the displayed profits and was asked to pay an additional ₹16 lakh as a processing fee.

Cyber police have registered a case and are examining the bank accounts, WhatsApp communications, digital transactions and online infrastructure allegedly used in the operation.

The allegations remain under investigation and have not been proved before a court.

Doctor Encountered Investment Advertisement on YouTube

Police said the complainant had been working at a medical college since April 2025 and had approximately four years of experience investing in the stock market.

In May 2026, he reportedly came across a YouTube advertisement promoting stock market investment opportunities and professional trading guidance.

On May 15, a person identifying himself as Hemant Oswal contacted the doctor through WhatsApp.

According to the complaint, the person claimed to represent an established equity broking company and offered to help the doctor earn higher returns through professionally selected investments.

The victim was subsequently added to a WhatsApp investment group.

Stock Recommendations Shared Through WhatsApp Group

Police alleged that members of the WhatsApp group regularly shared:

• Stock recommendations
• Market analysis
• Investment opportunities
• Screenshots of alleged profits
• Messages claiming successful trades
• Promotional material relating to the platform

Another individual identified in the complaint as Nischil Jain allegedly shared stock recommendations and circulated what appeared to be a registration certificate issued by the Securities and Exchange Board of India.

The document allegedly created an impression that the platform and persons operating the group were authorised to provide investment services.

However, investors should independently confirm registration details through official SEBI records rather than relying on certificates or screenshots shared through messaging applications.

Early Profits Allegedly Used to Gain Confidence

According to investigators, the platform initially displayed apparent profits on the doctor’s investments.

These visible gains allegedly strengthened his belief that the investment platform was genuine and that the recommendations shared in the WhatsApp group were successful.

In many fake trading scams, the profits displayed on an online dashboard do not represent actual trades or money held in a regulated account.

The figures may be digitally manipulated by the operators to encourage victims to:

• Deposit larger amounts
• Participate in special trading plans
• Invest in alleged institutional opportunities
• Apply for supposedly discounted shares
• Transfer money to multiple accounts

The victim may only realise that the displayed balance is fictitious when a withdrawal request is rejected.

₹46.16 Lakh Transferred in Multiple Instalments

Investigators alleged that Hemant Oswal, Nischil Jain, Subhi Agrawal and other associates repeatedly encouraged the doctor to increase his investments.

Acting on their instructions, the complainant allegedly transferred a total of ₹46.16 lakh in multiple instalments.

The money was reportedly sent to several bank accounts specified by the accused rather than directly to a verified broking account held in the investor’s name.

Police are now examining:

• The beneficiary bank accounts
• Transaction dates and amounts
• Account holders’ identities
• Movement of funds after receipt
• Links between the accounts and alleged operators
• Whether any accounts were used as mule accounts

The total amount and the role of each person will depend on the findings of the investigation.

Platform Displayed ₹16.52 Crore in Purported Profits

The alleged fraud escalated when the platform informed the doctor that his investments had generated profits of approximately ₹16.52 crore.

This figure represented an extraordinarily high return compared with the ₹46.16 lakh allegedly deposited by the victim.

When the doctor attempted to withdraw ₹50 lakh, he was reportedly told that the transaction could not be processed unless he first paid another ₹16 lakh.

The additional demand was described as a processing fee.

The doctor became suspicious and refused to transfer further money.

Withdrawal Fee Exposed Suspected Fraud

Demands for taxes, processing charges, security deposits or account-unlocking fees before permitting withdrawals are common warning signs of fake investment platforms.

Fraudsters may describe these payments as:

• Processing fees
• Profit taxes
• Brokerage charges
• Regulatory clearance fees
• Anti-money laundering deposits
• Account verification charges
• Withdrawal activation fees

After receiving one payment, they may continue demanding additional amounts under different descriptions.

A legitimate broker ordinarily deducts valid fees and statutory charges through the regulated trading account rather than directing investors to transfer substantial amounts to unrelated third-party bank accounts.

Cyber Police Register Case

After refusing to pay the additional ₹16 lakh, the doctor approached the cyber police and submitted a complaint.

Police have reportedly registered a case against:

• Hemant Oswal
• Nischil Jain
• Subhi Agrawal
• Management of the alleged broking company
• Operators of the WhatsApp investment group
• Other unidentified associates

The case has been registered under relevant provisions of the Information Technology Act and other applicable laws.

Registration of a police case does not establish guilt. The allegations must be supported by evidence and determined through the legal process.

Fake SEBI Certificates Used to Create Legitimacy

Investigators allege that a purported SEBI registration certificate was circulated in the WhatsApp group.

Fraudulent investment operators frequently misuse:

• Names of registered brokers
• SEBI registration numbers
• Corporate logos
• Employee photographs
• Forged identity cards
• Fake certificates
• Copied website content

A registration certificate may belong to a genuine intermediary that has no connection with the persons contacting the investor.

Investors should therefore verify the name, registration number, website, telephone number and trading application directly through official SEBI and stock exchange records.

SEBI advises investors to check the registration status of market intermediaries before investing and to remain cautious of fake trading applications and social media groups promising unusually high returns.

Bank Accounts and Digital Evidence Under Examination

Investigators are reviewing the digital and financial trail connected with the alleged operation.

The evidence may include:

• WhatsApp messages
• Mobile numbers
• YouTube advertisement records
• Website and domain details
• Trading dashboard data
• Bank account statements
• Payment instructions
• Device information
• Internet Protocol addresses

Police are also examining whether the same infrastructure was used to target other investors.

The presence of multiple beneficiary accounts may indicate a wider network involving account providers, digital platform operators, callers and persons responsible for laundering the proceeds.

Other Victims May Have Been Targeted

Authorities are attempting to determine whether the alleged group used the same investment advertisement and fake trading platform to deceive additional victims.

Cybercriminal networks can run several campaigns simultaneously by changing:

• WhatsApp group names
• Broker identities
• Website addresses
• Bank accounts
• Mobile numbers
• Investment schemes

The basic method, however, often remains the same: attract the victim through an online advertisement, create trust through fake experts and fabricated profits, collect repeated deposits and block withdrawal attempts.

Social Media Advertisements Require Independent Verification

Advertisements appearing on YouTube or other major platforms should not automatically be treated as verified financial advice.

Fraudulent advertisers may use:

• Professional-looking videos
• Fake interviews
• Misleading testimonials
• Impersonated financial experts
• Artificially generated voices
• Fabricated regulatory claims

The fact that an advertisement appears on a recognised platform does not prove that the advertiser or investment scheme is legitimate.

Before transferring money, investors should independently verify the entity through official regulatory records.

Warning Signs of a Fake Trading Platform

Investors should exercise caution when an investment opportunity includes:

• Guaranteed or exceptionally high returns
• Unsolicited WhatsApp contact
• Pressure to invest immediately
• Transfers to personal or third-party accounts
• A trading app sent through an unofficial link
• Fabricated SEBI documents
• Profits far beyond normal market performance
• Additional payments required for withdrawals

No legitimate investment platform can guarantee stock market returns.

Market-linked investments involve risk, and unusually high assured profits should be treated as a serious warning sign.

Verify the Broker Before Making Payment

Before investing, individuals should verify:

• Whether the intermediary is registered with SEBI
• Whether the mobile application is officially recognised
• Whether the website address matches regulatory records
• Whether payments are being made to the broker’s authorised account
• Whether the investment appears in the investor’s genuine demat account
• Whether contract notes are issued for actual trades

SEBI maintains official records through which investors can check recognised intermediaries and market participants.

A certificate received through WhatsApp should never be treated as sufficient proof of authorisation.

Report Financial Cyber Fraud Immediately

Victims of online financial fraud should immediately contact their bank and report the transaction through the National Cyber Crime Helpline at 1930.

They should also preserve:

• Screenshots
• Chat records
• Account numbers
• Transaction references
• Website links
• Mobile numbers
• Advertisements
• Fake certificates

Prompt reporting may help banks and investigators identify the beneficiary accounts and attempt to block the movement of funds.

The National Cyber Crime Reporting Portal officially identifies 1930 as the helpline for reporting financial cyber fraud.

Investigation Remains Ongoing

Police are continuing to examine the financial transactions, WhatsApp communications, alleged investment platform and identities of the persons named in the complaint.

Investigators will attempt to determine who created the advertisements, controlled the fake platform, received the money and operated the beneficiary accounts.

Further legal action or arrests may follow based on the evidence collected.

All allegations remain subject to investigation, due process and judicial determination.

Shunyatax Global Insight

The Nagpur case shows how fake investment operations combine trusted digital platforms, messaging groups and manipulated trading dashboards to create an appearance of legitimacy. The displayed profits may have no connection with actual securities held in the investor’s name.

Investors should verify every broker directly through SEBI and stock exchange records, confirm that trades appear in their genuine demat accounts and never transfer investment funds to unrelated third-party accounts. A demand for additional money before allowing withdrawal is one of the clearest indicators of an investment fraud.