Hyderabad doctor lost Rs 11 crore in crypto fraud

The number of people trading in cryptocurrencies has increased rapidly in the last few years. Along with this, cases of fraud are also increasing in this segment. In Telangana, a doctor from Hyderabad has been defrauded of Rs 11 crore in a crypto-related fraud case. In this case, fake forex trading platforms were used.

A media report states that the Cyber ​​Security Bureau of Telangana has started investigating this matter. About four months ago, Dr. Sameer Azad Mahendra of Hyderabad was informed about crypto trading platform by a person. This person claimed to be a representative of Forex trading firm Webull. This person had advised Sameer to trade through this firm. They were asked to convert the cash into the cryptocurrency USDT. In the beginning, Sameer saw good returns from trading. After this he started transferring huge amounts to the mentioned accounts.

After this, when Sameer tried to withdraw his funds, he was told that for this he would have to deposit advance tax of about Rs 3.7 crore under the US rules for non-residents. After paying as advance tax, he was asked to pay another tax citing money-laundering regulations to transfer the amount. After this, when asked, the fraudsters started misleading them. Suspecting fraud, Sameer lodged a complaint with the cyber crime police. Sameer told that he has transferred more than Rs 11 crore to the accounts provided by the fraudsters.

The central government has also taken measures to curb such fraud cases. In this series, recently the Indian Cybercrime Coordination Center (I4C) and the Department of Telecommunications (DoT) had blocked at least 17,000 WhatsApp accounts of foreign hackers. About 45 percent of cyber financial frauds in 2010 occur in Southeast Asia. These crimes have become more complex and larger. Due to this the victims have to suffer a lot. Steps are being taken by I4C to destroy the infrastructure used by these hackers.