A 76-year-old doctor from Meerpet in Hyderabad has lost ₹86.44 lakh in an elaborate online investment fraud after cybercriminals allegedly misused the name of Union Finance Minister Nirmala Sitharaman to lend credibility to a fake trading scheme. The Hyderabad Cybercrime Police have registered a case and launched an investigation into the network behind the fraud.
How the Scam Unfolded
According to police, the victim first encountered an investment advertisement while browsing social media and clicked on the promotional link out of curiosity. He was soon contacted by two individuals claiming to represent a venture capital firm, who offered what they described as attractive investment opportunities with unusually high returns.
The suspects allegedly persuaded the doctor to open a demat account and assured him of substantial profits, gradually building his trust before requesting money. Over time, the victim transferred funds in multiple instalments to bank accounts provided by the accused, believing he was participating in a legitimate trading arrangement.
Investigators say the fraudsters collected payments under a range of pretexts, including registration charges, trading fees, commission, bank charges, SEBI-related fees and taxes. To sustain the illusion, they allegedly sent the victim fabricated trading reports and fake profit statements showing steadily growing returns on his investment, a tactic designed to encourage further deposits rather than raise suspicion.
The Withdrawal Trap
The fraud unravelled in a pattern that has become familiar in such cases. When the doctor eventually attempted to withdraw his investment along with the purported profits, the accused allegedly demanded additional payments, claiming they were necessary to release the funds. It was this escalating series of demands that finally raised the victim’s suspicion, prompting him to approach the Hyderabad Cybercrime Police and file a formal complaint.
Police are now examining the original social media advertisement, communication records between the victim and the accused, bank transaction trails, and the broader money flow in an effort to identify those responsible and trace the defrauded amount before it disappears through further layering.
A Wider Pattern of Impersonation
The misuse of Sitharaman’s name in this case is not an isolated incident. Fabricated videos and advertisements falsely depicting the Finance Minister endorsing high-return investment schemes have circulated on social media for some time, prompting the Press Information Bureau to publicly flag such content as fraudulent. The Reserve Bank of India has separately issued cautionary alerts about doctored videos of senior officials, including its own governor, being used to promote fake investment platforms.
Prof. Triveni Singh, a well-known cybercrime expert and former IPS officer, said cybercriminals are increasingly misusing the names and identities of Union ministers, government agencies, SEBI, the RBI and reputed companies to make fraudulent investment schemes appear legitimate. He advised investors to verify every investment opportunity strictly through official websites and authorised financial institutions, cautioning that relying on social media advertisements, WhatsApp messages or Telegram links for investment decisions can lead to significant financial losses.
The Hyderabad Cybercrime Police have urged the public to avoid trusting investment offers promoted through social media or unsolicited messages without independent verification. Investors have also been advised to check the authenticity of financial platforms directly with regulators and to remain cautious of any scheme promising unusually high or guaranteed returns, a pattern that continues to recur across similar cases reported from across the state.
