Hyderabad doctor loses Rs 1.49 crore in online trading scam

A 34-year-old private doctor from Kothapet, Hyderabad, has reportedly lost Rs 1.49 crore to an online stock trading scam. The victim stated that the fraud began after he joined a Telegram group focused on stock trading and investment opportunities on May 4.

Following his entry into the group, the doctor was contacted on WhatsApp by individuals claiming to be investment and trading professionals. He was allegedly persuaded to download a trading application via a website provided by the accused. Between May 4 and June 29, the doctor conducted 59 transactions totaling Rs 1,49,33,593 into accounts linked to the scheme.

The fraud was discovered when the victim attempted to withdraw his funds. Although the fake platform showed his investments had grown to approximately Rs 4.6 crore, the accused allegedly claimed his credit score had fallen and demanded additional payments to release the money.

The Malkajgiri cybercrime police have registered a case under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. An investigation is currently underway to trace the funds and identify those responsible.