Hyderabad Doctor Loses Rs 11 Crore in Cryptocurrency Scam
Cybercrime Targets High-Value Professionals with Fake Investment Platforms
A 50-year-old doctor from Hyderabad’s Banjara Hills has fallen victim to a massive cryptocurrency scam, losing Rs 11.1 crore over three months. The scam, involving fraudulent forex trading platforms, has once again brought attention to the increasing threat of cybercrimes targeting professionals. The Telangana Cyber Security Bureau (TGCSB) has initiated an investigation into the case.
The incident began in August when the doctor was approached by an individual named Mittal, who introduced him to a cryptocurrency trading platform. Claiming to represent a reputable forex trading company called Webull, Mittal provided a link to the platform, convincing the doctor to register and begin trading. Using promises of substantial returns, Mittal and his daughter, Sakshi Mittal, shared trading tips over WhatsApp, which initially appeared profitable.
Encouraged by the promising returns, the doctor made multiple RTGS transactions, converting Indian rupees into USDT (a cryptocurrency) and transferring funds to merchant accounts specified by the fraudsters. The transactions were carried out from three different bank accounts between August and November.
The scam came to light when the doctor attempted to withdraw his funds. He was asked to pay an advance tax of Rs 3.7 crore under the pretext of US federal rules for non-residents. Mittal offered to cover Rs 1.7 crore, asking the doctor to pay Rs 2 crore. However, after this payment, further tax demands were made, citing anti-money laundering regulations. When the fraudsters failed to provide credible explanations, the doctor became suspicious.
Realizing he had been duped, the doctor approached the Hyderabad cybercrime police on November 30, submitting evidence, including transaction details and WhatsApp conversations. The police registered a case under sections 66C and 66D of the IT Act, as well as other relevant legal provisions.
Investigators suspect a sophisticated and well-organized group is behind the scam, targeting high-net-worth individuals with fake credentials and websites. Efforts are underway to trace the fraudsters and dismantle the operation.
