In a case highlighting the evolving tactics of cybercriminals, police in Noida have arrested a doctor accused of orchestrating an online investment fraud scheme by posing as a woman on social media and dating platforms. Investigators allege that the accused exploited victims’ trust through fake online identities before luring them into fraudulent investment schemes that resulted in substantial financial losses.
The accused, identified as Ramakrishna Pedagavegi, 37, is a native of Andhra Pradesh and holds both MBBS and MD degrees. According to investigators, despite his professional qualifications, he allegedly became involved in a sophisticated cyber fraud operation that targeted individuals through online interactions and manipulated them into investing money on dubious platforms.
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Cyber Crime Police officials said the accused was arrested from the Greater Noida area following an investigation based on electronic evidence and digital trails. A mobile phone allegedly used in the commission of the fraud has been recovered from his possession. Authorities are now conducting a detailed forensic examination of the device and associated digital records to identify additional victims and potential accomplices.
The investigation revealed that the accused allegedly created fake female profiles on social media platforms and dating applications. Using these fabricated identities, he reportedly initiated conversations with unsuspecting users and spent considerable time building trust. Investigators believe he presented himself as a successful and financially savvy woman, gradually developing personal rapport with potential victims.
According to police, once a victim became comfortable with the online relationship, the accused would begin discussing investment opportunities. He allegedly promoted a purported investment platform, claiming it could generate exceptionally high returns within a short period. To strengthen credibility, victims were initially shown fabricated profits or small returns, creating the impression that the investment scheme was genuine and profitable.
Investigators allege that after gaining the victim’s confidence, the accused encouraged larger investments. Many victims reportedly believed they were dealing with a trusted acquaintance and therefore transferred significant sums of money into accounts designated by the fraudster.
A key element of the alleged operation involved the use of a mule account. In cybercrime investigations, mule accounts are bank accounts used to receive, move, or conceal illegally obtained funds. Police claim that the internet banking facility linked to the account used in the fraud was registered with the accused’s mobile number, enabling him to exercise control over incoming funds and subsequent transactions.
Authorities allege that once money was deposited, it was transferred through multiple bank accounts in an effort to obscure the origin and destination of the funds. Such layering techniques are commonly employed in cyber fraud cases to complicate investigations and make financial trails more difficult to trace.
The case came to light after a resident of Noida filed a complaint alleging investment-related cyber fraud. Based on the complaint, a case was registered at the Cyber Crime Police Station, and investigators subsequently uncovered evidence that allegedly led to the accused.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that modern investment frauds increasingly rely on social engineering techniques rather than technical hacking. According to him, fraudsters first establish emotional trust and personal connections before introducing lucrative investment opportunities. Victims often lower their guard because they believe they are dealing with a trusted friend, romantic interest, or successful investor.
Cybersecurity experts have repeatedly warned users against making financial decisions based solely on recommendations received through social media, messaging applications, or dating platforms. Investors are advised to independently verify the legitimacy, regulatory status, and operational history of any investment platform before transferring funds.
Police officials said the investigation is ongoing and efforts are underway to determine whether other individuals were involved in the alleged fraud network. Authorities are also examining financial records, transaction histories, and digital evidence to establish the full scale of the operation. Investigators believe further scrutiny of the recovered data may reveal additional victims and provide deeper insights into the functioning of the alleged cyber fraud scheme.
