Online Trading Scam: Hyderabad doctor duped of Rs 14.61 crore

Hyderabad: In a major cyber fraud case, a 44-year-old doctor from Erragadda was reportedly duped of Rs 14.61 crore after investing in a fake online trading platform. The Telangana Cyber Security Bureau is currently investigating the case to identify the suspects and find out if others are involved.

According to the police, the doctor was first contacted via Facebook message on August 27 by a woman who introduced herself as Monika Madhavan from Chennai. She then soon shifted the conversation to Telegram and slowly gained his trust by sharing her personal life. She told the doctor about her marriage, which was about to end and that she was seeking a divorce from her husband.

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The woman allegedly lured the doctor into the scam by claiming she earned Rs 4 - 5 lakh every day through trading on CMC Markets. After sharing this, she asked him to register on the platform and sent him a link to the website.

On September 3, she persuaded him to make a joint investment starting with Rs 30 lakh. The first trade showed a profit of Rs 8.6 lakh. This reportedly made the doctor believe that the platform was genuine, as per the TNIE news report.

He told the police that she then urged him to raise the investment to Rs 10 crore each, claiming she had arranged her share from her father. He said he managed to withdraw Rs 85,000, which reinforced his belief in the platform.

Under her influence, he raised money through loans and private borrowings, taking his wallet balance to Rs 34 crore. When he tried to withdraw, he was told he must first pay a 30% tax of Rs 7.5 crore. Following this, he realised that he was duped.

The doctor then approached the police and filed a complaint. Based on his complaint, the Telangana Cyber Security Bureau registered a case, and an investigation is underway.

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