Doctor loses ₹86.7 lakh to online trading fraud
HYDERABAD: A city-based doctor has lost ₹86.7 lakh to an online investment scam involving a fake trading platform called “Tencore”. Cyber Crime police registered a case after receiving a complaint from Dr Ramu Pujari, 54, of HMT Swarnapuri Colony, who alleged that the platform’s organisers defrauded him under the guise of stock trading and IPO investment.
Platform lured victims through WhatsApp ads, claimed to offer IPO profits
According to the FIR filed on November 2, 2025, the complainant joined the trading platform on September 29, 2025, after responding to an advertisement circulated via WhatsApp. The platform, allegedly run by Praveen Patel (India) and Chris Harper (foreign national), claimed to offer trading guidance and profit opportunities through a supposed “Qualified Institutional Buyers (QIB)” account.
‘Fake profits shown in account to trap victims’
Dr Pujari stated that the accused conducted daily trading sessions through the app between 9.00–9.15 IST for domestic trades and 18.00–18.30 IST for international trades, showing apparent profits in his account. Encouraged by this, he gradually invested larger amounts after being told about tiered investment groups targeting ₹20 lakh, ₹50 lakh, and ₹1.5 crore.
Later, Harper introduced a so-called “IPO Midwest” scheme, convincing him to make additional deposits to “oversubscribe” shares. When the complainant sought to withdraw funds after the IPO, he was told he had to clear “pending payments” and later pay “10% taxes” before withdrawing profits.
‘Fake Bengaluru address provided’
After being denied withdrawal and failing to obtain a valid tax receipt, the complainant verified the firm’s claimed Bengaluru address, Prestige Khoday Building, 5 Raj Bhavan Road, and found no such office existed. Realising the setup was fraudulent, he lodged a complaint at Cyber crime police station, naming the suspects and providing bank transaction details.
Police said the doctor transferred the money from his ICICI Bank account to various third-party accounts and UPI IDs shared by the accused. The total amount lost was ₹86,73,000. Investigators suspect that the accused created a forged app to simulate trading activity and lure investors.
Police have registered a case and are verifying bank account and digital trail details.
