A 56-year-old Hyderabad doctor allegedly lost ₹1.21 crore in a forex trading scam pitched through a fake minister video.
How Did the Doctor Fall for the Scam?
The alleged fraud began on August 11, when the doctor encountered a Facebook advertisement featuring a fake video of a Union minister promoting an investment scheme. The advertisement offered unusually high returns, claiming that an investment of ₹22,000 could generate daily earnings of ₹80,000.
According to a complaint filed with Malkajgiri cybercrime police, the doctor registered for the scheme after viewing the advertisement. Several individuals subsequently contacted him, claiming to represent different online trading platforms. They encouraged him to invest in foreign exchange trading and assured him that substantial profits could be earned through their services.
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How Was ₹1.21 Crore Transferred?
Following instructions from the callers, the doctor installed five investment applications using links they provided. The applications were presented as platforms through which he could participate in forex trading and monitor his investments.
Between August 11 and October 9, the doctor allegedly transferred more than ₹1.21 crore through 51 transactions from two bank accounts. The money was sent to various UPI IDs and bank accounts specified by the individuals operating the purported investment platforms.
The fraudsters reportedly continued encouraging him to make additional investments through different applications. The transactions continued over nearly two months as the doctor relied on their assurances of profitable trading opportunities.
When Did the Fraud Come to Light?
The doctor became suspicious when he attempted to withdraw the accumulated balance displayed in his digital wallets. Despite the amounts shown on the applications, he was allegedly unable to access or withdraw the money.
Realising that he had been cheated, he contacted the national cybercrime helpline, 1930, on October 27. He subsequently approached the Malkajgiri cybercrime unit and formally lodged a complaint on October 29.
The complaint detailed the investment advertisement, communications with the alleged fraudsters, applications installed and financial transactions made during the period.
What Action Have Police Taken?
Following the complaint, Malkajgiri cybercrime police registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS), covering allegations of cheating, criminal breach of trust, impersonation and forgery. Sections 66C and 66D of the Information Technology Act have also been invoked in connection with the alleged online fraud.
Investigators have begun examining the bank accounts, UPI transactions and investment applications involved in the case. Police are also working to establish the identities of those responsible for contacting the doctor and receiving the transferred funds.
The case illustrates how fraudulent investment advertisements, impersonation and promises of exceptional returns can be combined to persuade individuals to transfer substantial amounts through seemingly legitimate trading applications.
