Major Cyber Fraud Case in Hyderabad

Doctor Duped of Rs 14.61 Crore

A 44-year-old doctor from Erragadda has fallen victim to a significant cyber fraud, losing Rs 14.61 crore after investing in a fraudulent online trading platform. The Telangana Cyber Security Bureau is actively investigating the incident to identify the perpetrators and determine if additional individuals are involved.

Initial Contact and Trust Building

According to police reports, the doctor was initially contacted on August 27 via a Facebook message by a woman identifying herself as Monika Madhavan from Chennai. The conversation quickly transitioned to Telegram, where she cultivated the doctor’s trust by sharing details about her personal life, including her troubled marriage and plans for divorce.

Luring into the Scam

The woman allegedly enticed the doctor by claiming she earned between Rs 4 lakh to Rs 5 lakh daily through trading on CMC Markets. After establishing rapport, she encouraged him to register on the trading platform and provided a link to the website.

Investment and Initial Profits

On September 3, she convinced the doctor to make a joint investment starting with Rs 30 lakh. The first trade reportedly yielded a profit of Rs 8.6 lakh, further convincing the doctor of the platform’s legitimacy. Following this success, she urged him to increase his investment to Rs 10 crore, claiming she had arranged her share from her father.

Escalation of Investments

The doctor withdrew Rs 85,000 from the platform, which reinforced his belief in its authenticity. Under her influence, he took out loans and borrowed money, increasing his wallet balance to Rs 34 crore. However, when he attempted to withdraw funds, he was informed that he needed to pay a 30% tax amounting to Rs 7.5 crore.

Realization and Police Complaint

It was at this point that the doctor realized he had been deceived. Subsequently, he reported the incident to the police and filed a formal complaint. The Telangana Cyber Security Bureau has registered a case and is currently conducting an investigation into the matter.