Prescription for Disaster: Doctor Hands Over Rs 11 Crore to Crypto Con Artists

A 50-year-old doctor from Banjara Hills was swindled out of Rs 11 crore in a sophisticated cryptocurrency scam that involved fake forex trading platforms. The doctor, Dr. Sameer Azad Mahendra, was introduced to the scheme in August by an individual named Mittal, who claimed to represent a reputed forex trading company.

Dr. Mahendra was directed to register on two fraudulent websites, webull.bet and webull-vip1.pro, and was persuaded to trade cryptocurrency. He was instructed to convert Indian rupees into USDT (a cryptocurrency) through RTGS bank transfers to accounts provided by the scammers.

Initially, he received trading tips and observed returns on his investments, which were regularly shared via WhatsApp by Mittal and his daughter, Sakshi Mittal. Convinced by the apparent profits, Dr. Mahendra began transferring larger sums of money.

Between August and November, the doctor made multiple transfers totaling Rs 11.1 crore. However, when he tried to withdraw his funds, he was informed about additional fees, including a supposed Rs 3.7 crore “advance tax” under US federal laws. The scammers even claimed they would contribute Rs 1.7 crore as a loan but asked him to pay Rs 2 crore first.

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When these demands persisted, Dr. Mahendra became suspicious and eventually realized he was being conned. On November 30, he filed a complaint with the Hyderabad Cyber Crime Police, sharing transaction records and WhatsApp chats as evidence.

The case has been registered under Sections 66C and 66D of the IT Act and provisions under the Indian Penal Code (IPC) and the Bangladesh Penal Code (BNS). Investigators are scrutinizing the fraudulent websites and tracing the accounts used for the scam. Preliminary findings suggest a well-organized group exploiting high-value victims through impersonation and forged credentials.

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