Trading Scam On The Rise: Hyderabad Doctor Duped of ₹8.6 Crore Across 63 Transactions in Cyber Fraud

Hyderab: In what is being considered largest cyber fraud in Telangana's history, a Hyderab-based doctor has fallen victim to a sophisticated scam, losing a staggering Rs 8.6 crore across 63 transactions under pretext of share tring. Telangana Cyber Security Bureau (TGCSB) has launched an investigation following doctor’s complaint, which was filed on August 12.

Modus Operandi

According to complaint, doctor was scrolling through his Facebook account on May 21 when he came across an vertisement promoting stock broking services. After expressing interest and submitting his credentials, he was contacted via WhatsApp by individuals claiming to represent leing stock broking companies. doctor was subsequently ded to four WhatsApp groups, where fraudsters, posing as sub-brokers, convinced him of profitability of ir investment opportunities.

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Despite doctor’s inquiries regarding identity of regulatory bodies like NSE and BSE and tax registration of firms, fraudsters dismissed se requests, citing confidentiality.

Building Trust Through Initial Profits

To gain doctor’s trust, fraudsters initially allowed him to withdraw some profits after his initial investments. Encouraged by se returns, doctor continued to invest large sums, eventually transferring a total of Rs 8.6 crore into various bank accounts provided by scammers.

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However, when doctor attempted to withdraw his accumulated profits, fraudsters revealed ir true intentions, demanding an ditional 20-30% of profits as a withdrawal fee. Realizing he h been duped, doctor attempted to contact customer service, only to discover that entire operation was a scam. He immediately reported fraud to TGCSB.

Scale of Fraud

doctor me several significant transfers, including Rs 23.56 lakh, Rs 3 lakh, Rs 68 lakh, and Rs 17.10 lakh, between May 21 and August 8. total loss amounted to Rs 8,60,38,022.

Tracing Money Trail

During ir investigation, TGCSB uncovered that funds were funneled through "mule" accounts across country. A mule account refers to a bank account used by criminals to transfer and launder illicit funds. se accounts often belong to unsuspecting individuals who are promised a commission for ir involvement.

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investigation revealed that fraudulent transactions were distributed across multiple accounts in cities such as Visakhapatnam, Kapa, Mumbai, Delhi, Thane, Chennai, Lucknow, Jhansi, Indore, Ludhiana, and even Veenavanka in Karimnagar district. TGCSB is continuing to track funds and identify individuals behind this massive scam.

police have urged public to exercise caution when responding to online vertisements or investment opportunities and to verify legitimacy of such offers with appropriate regulatory bodies before proceeding.