Hyderabad: Doctor’s Digital Bet: Rs 14.6 Cr Down the Drain
A Hyderabad-based doctor, aged 44 and practicing in Erragadda, has become the latest victim of a slick online investment trap, losing a staggering Rs 14.61 crore to cybercriminals. The scam, which unfolded over months starting in late August, highlights the relentless ingenuity of fraudsters targeting professionals with promises of quick riches through fake trading platforms.
Despite repeated police advisories on avoiding suspicious links and sharing OTPs, such schemes continue to ensnare even cautious individuals. This case, reported to the Telangana Cyber Security Bureau on November 28, underscores how social media lures can lead to devastating financial fallout.
The Hook: A Facebook ‘Friend’ Turns Trader
It all began on August 27 when the doctor received a Facebook message from someone posing as Monika Madhavan, a Chennai-based woman claiming expertise in high-yield trading. What started as casual chat quickly shifted to Telegram, where she shared a bogus website promising massive returns on cryptocurrency and forex investments.
The platform displayed fabricated profits to build trust, prompting the doctor to start small. Early “withdrawals” of Rs 85,000 worked flawlessly, fueling his confidence and leading to larger transfers totaling Rs 14.61 crore across 91 transactions.
Pressure Tactics: Taxes and Threats Seal the Deal
As the doctor sought to cash out his supposed gains, the scammers introduced a twist: a mandatory 30% tax of Rs 7.5 crore on winnings. When he hesitated, they ramped up the urgency, warning of account freezes and legal woes if payments weren’t made promptly.
Under this relentless push, he complied, only to face demands for additional fees under anti-money laundering pretexts. The absence of any real returns eventually shattered the illusion, prompting his complaint.
Key red flags in the scheme included:
- Unsolicited contact via social media from unverified profiles.
- Pressure to move conversations to encrypted apps like Telegram.
- Fake dashboards showing inflated gains to encourage bigger stakes.
- Escalating “fees” for withdrawals that never materialize.
Police Pursuit: Tracing the Trail
The Telangana Cyber Security Bureau has registered a case under relevant IT Act sections and launched a full inquiry. Investigators are dissecting the message origins, tracing fund flows through multiple bank accounts, and hunting for the network behind the alias.
Early leads point to an organized group possibly operating from outside India, using mule accounts to launder proceeds. While recovering the full sum remains challenging, authorities have frozen some linked assets and issued alerts to banks.
This episode serves as a stark reminder amid rising cyber threats: In the allure of easy money, one wrong click can cost a lifetime’s savings. As probes deepen, it prompts a broader call for digital vigilance in an era where trust is just a message away.