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

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

The Modus Operandi

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

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

Building Trust Through Initial Profits

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

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

The Scale of the Fraud

The doctor made 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. The total loss amounted to Rs 8,60,38,022.

Tracing the Money Trail

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

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

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