Crypto Investment Scam: Hyderabad doctor cheated of Rs 11 crore
Hyderabad: A recent Cyber fraud case has highlighted the growing trend of doctors being targeted by online scams. A 50-year-old doctor from Banjara Hills fell victim to a cryptocurrency scam, losing a staggering Rs 11.1 crore over a period of three months, driven by the hope of high returns. The Telangana Cyber Security Bureau (TGCSB) has launched an investigation into the incident.
Although many warnings have been issued to alert people about the possibility of fraud in the country, the doctor has become a victim of a fraudulent forex trading platform run by scammers posing as representatives of a reputable company who took advantage of his trust and duped him.
The fraud started when the doctor met a man named Mittal in August who introduced him to a crypto-trading platform. Mittal claimed to be part of Webull, a forex trading company and provided the website's link to the doctor.
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He then convinced the doctor to register and trade through them by promising lucrative returns. The doctor was instructed to convert Indian rupees into USDT, a cryptocurrency, via RTGS transfers to specific merchant accounts shared by the fraudster.
As per a TOI news report, Mittal and his daughter, Sakshi Mittal, provided trading tips via WhatsApp to the doctor which resulted in significant returns. After noticing that the returns were profitable and promising, the doctor felt the trading was legitimate.
Convinced by their scam, the doctor began transferring larger sums to the provided accounts. Investing like this, the doctor made multiple RTGS transactions from three bank accounts between August and November this year.
However, when he attempted to withdraw his funds, he was told he needed to pay an advance tax of Rs 3.7 crore under a supposed US federal rule for non-residents. The fraudsters claimed Mittal's family would cover Rs 1.7 crore as a loan, leaving him to pay Rs 2 crore.
Even after paying the so-called advance tax, the doctor was told another tax was required to transfer the amount. The scammers cited anti-money laundering regulations as the reason for another tax. When the doctor questioned the sudden tax requirements, the fraudsters failed to provide a satisfactory response which made him suspicious.
The doctor's suspicion grew stronger when the scammers began asking him for more payments by providing excuses. Realising that he had stepped on a trap, the doctor approached the Hyderabad cyber crime police on November 30 and filed a complaint.
He further provided detailed evidence, including transaction records and WhatsApp conversations which prompted the police to take action by registering a case under sections 66C and 66D of the IT Act and several provisions under the BNS.
An investigation is underway in this regard. Investigators told TOI, "The fake websites and WhatsApp numbers are under investigation and we suspect a well-organised group is involved in targeting high-value victims through impersonation and forged credentials."
