Telegram Trading Trap: Hyd doctor loses 14 Crs

In what is believed to be the largest amount lost by a single individual due to cybercrime, a Hyderabad based dental surgeon and businessman lost a staggering 14.6 Crores towards a stock trading scam. The Telangana Cyber Security Bureau registered a case after the victim filed a complaint last Thursday.

Going into details, the unnamed doctor was first approached by a woman identifying herself as Monika Madhavan who he befriended through Facebook and later shifted to Telegram for further conversation. She claimed to be an experienced trader who is earning Rs 4 lakhs to 5 lakhs every single day by investing with a US based financial services company through trading.

She has reportedly persuaded the complainant to register in a website linked to the platform and compelled him to initially invest 30 lakhs. The first trade showed the victim a profit of Rs 8.6 lakhs on a single day. He managed to withdraw Rs 85,000 out of his account and this has built credibility on the investment.

Between September and November, the victim has reportedly transferred money several times from his personal and family bank accounts to the fraudsters. After making several fake investments as directed by the cyber criminals, the total amount amassed to a whopping 34 Crores. The fraudsters then demanded 30 % tax amounting to 7.5 Crores in advance to allow withdrawal of his money. It is then he realised that he has been duped.

In his complaint, the victim alleged that he took bank loans and borrowed from friends to invest around Rs 14.6 Crores which was swindled during the fake trading operation. Ab investigation is currently underway as police suspect an interstate cybercrime operation.