₹21K Grows to ₹60K? Backed by Finance Minister? Retired Doctor Duped of ₹14.7 Million in Online Investment Fraud

An Indian retired medical practitioner has lost ₹14.7 million after falling victim to a cyber fraud that misused the name and image of Union Finance Minister Nirmala Sitharaman to promote a fake investment scheme.

Police said the victim was lured on October 1 by a social media advertisement claiming that ₹21,000 could grow to ₹60,000 in a short period. The post carried the minister’s photograph, giving the misimpression of an official government‑backed programme.

Believing it genuine, the doctor clicked the link, shared his details, and soon received a call from a woman identifying herself as “Meenakshi,” who claimed to represent a trading firm. He was then added to WhatsApp groups filled with fake investor accounts posting screenshots of supposed profits to build trust.

On October 5, he made a trial investment of ₹1,000, which the fraudulent app showed as yielding ₹108. Encouraged, he continued investing, eventually transferring ₹14.7 million across multiple accounts. At one point, the dashboard displayed a fabricated profit balance of nearly ₹60 million.

The fraud collapsed when he tried to withdraw funds and was asked to pay an additional ₹9 million as “tax” and fees. Alarmed, he consulted a friend and filed a complaint with the Central Cyber Police.

A case of cheating, impersonation, and financial fraud has been registered based on his complaint. Officials said efforts are underway to trace the scammers’ digital trail, warning that such networks often operate across borders using offshore servers and spoofed identities.

Investment scams exploiting the images of political leaders, business icons, and celebrities are on the rise. Several fraudulent schemes fabricating endorsements from Finance Minister Nirmala Sitharaman have already been exposed.

Verify credentials before investing, and report suspicious schemes. Investors can Submit a Complaint through BrokesView for public exposure.