A 50-year-old doctor from Hyderabad has fallen victim to a sophisticated cryptocurrency scam, losing a staggering Rs 11 crore. The fraud unfolded over several months, with the doctor being lured by promises of high returns on investments through a fake trading platform that impersonated a reputable forex company.
Key Takeaways
- A Hyderabad doctor lost Rs 11 crore in a cryptocurrency scam.
- The fraudsters posed as representatives of a legitimate trading platform.
- The scam involved multiple transactions and fake tax demands.
- Authorities are investigating the case and tracking the fraudsters.
The Scam Unfolds
The incident began in August 2024 when Dr. Sameer Azad Mahendra, a resident of Banjara Hills, was approached by a man named Mittal. Claiming to represent Webull, a well-known forex trading platform, Mittal convinced the doctor to register on two fraudulent websites: https://webull.bet and www.webull-vip1.pro.
Initially, Dr. Mahendra was encouraged by apparent profits from his investments, which led him to invest larger sums. He was instructed to convert Indian rupees into USDT, a popular cryptocurrency, and transfer funds via RTGS to accounts provided by the scammers.
The Growing Demands
As the months progressed, Dr. Mahendra made multiple transactions from three different bank accounts. However, when he attempted to withdraw his earnings, he was met with a shocking demand: an advance tax payment of Rs 3.7 crore, supposedly required under U.S. federal law for non-residents.
The fraudsters claimed that Mittal's family would cover Rs 1.7 crore as a loan, leaving Dr. Mahendra responsible for Rs 2 crore. Even after complying with this demand, he was told that additional taxes were necessary due to anti-money laundering regulations.
Realization and Reporting
Dr. Mahendra's suspicions grew as the demands for payment continued to escalate. On November 30, he decided to take action and filed a complaint with the Telangana Cyber Police, providing detailed evidence of the transactions and communications with the scammers.
The police registered a case under relevant sections of the Information Technology Act and the Bharatiya Nyay Samhita. Investigators are now focusing on tracing the money trail and identifying the bank accounts used in the fraud.
The Bigger Picture
This incident highlights a troubling trend of scams targeting individuals, particularly professionals like doctors, who may be more trusting of investment opportunities. As cryptocurrency continues to gain popularity, the potential for fraud increases, making it essential for investors to remain vigilant.
How to Protect Yourself from Crypto Scams
To avoid falling victim to similar scams, consider the following precautions:
- Verify Platforms: Always check the legitimacy of a cryptocurrency platform before investing. Look for reviews and user feedback.
- Don’t Share Personal Details: Never share sensitive information or make transfers based on unsolicited advice.
- Watch Out for Tax Scams: Be cautious if someone asks for upfront taxes or fees before you can access your funds.
- Report Suspicious Activity: If something feels off, report it to the authorities immediately to avoid financial loss.
- Use Trusted Payment Methods: Only make transactions through secure, recognized channels.
As investigations continue, it is crucial for individuals to stay informed and cautious in the ever-evolving landscape of cryptocurrency investments.
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