Hyderabad, 8 July
Hyderabad Doctor Loses Rs 86 Lakh in Online Investment Scam Using Fake Nirmala Sitharaman Advertisement
In yet another case highlighting the growing threat of cyber fraud, a Hyderabad Doctor Loses Rs 86 Lakh in Investment Scam after allegedly being lured through a fake online advertisement promising unusually high investment returns.
The victim, a 76-year-old doctor, reportedly lost Rs 86 lakh to fraudsters who allegedly used the name and image of Union Finance Minister Nirmala Sitharaman in social media advertisements to make the investment scheme appear genuine.
The victim has now approached the Hyderabad Cyber Crime Police, who have registered a case and launched an investigation.
Fake Advertisement Promised Huge Weekly Returns
According to a report by The New Indian Express, the Hyderabad Doctor Loses Rs 86 Lakh in Investment Scam after coming across an online advertisement on March 9.
The advertisement allegedly claimed that investors could earn as much as Rs 22 lakh per week, attracting the doctor’s interest.
Believing the offer to be legitimate, the victim expressed interest by responding to the advertisement.
Fraudsters Posed as Investment Firm Representatives
Police said that on the following day, the victim received a phone call from a person claiming to be a representative of a venture capital firm.
The caller allegedly convinced the doctor to register with the company by paying a registration fee of Rs 17,500 and opening a demat account.
Initially, the victim invested Rs 5 lakh. As the fraudsters continued to build trust by showing apparent profits and encouraging larger investments, he transferred additional amounts over time.
Investigators believe the scammers used psychological tactics commonly seen in investment frauds, including promises of high returns and constant communication to gain the victim’s confidence.
Withdrawal Attempt Exposes the Fraud
The Hyderabad Doctor Loses Rs 86 Lakh in Investment Scam after attempting to withdraw Rs 85 lakh from his purported investment account.
Instead of processing the withdrawal, the amount was allegedly diverted to another account.
The fraudsters then demanded additional payments, claiming they were required as processing charges, taxes, or service fees before the funds could be released.
Realising that he had been deceived, the doctor refused to make further payments and approached the Hyderabad Cyber Crime Police.
Cyber Crime Police Register Case; Hyderabad Doctor Loses Rs 86 Lakh in Online Investment Scam Using Fake Nirmala Sitharaman Advertisement
Based on the complaint, Hyderabad Cyber Crime Police have registered a case and initiated an investigation into the fraud.
Officials are examining bank transaction records, mobile numbers, digital payment trails, and online communication used by the accused.
Police are also working to identify the individuals behind the fraudulent investment platform and trace the flow of the stolen money.
Police Urge Public to Stay Alert
Cyber crime officials have once again advised the public to remain cautious while investing through online platforms.
Experts recommend that investors verify the authenticity of investment firms through official regulatory authorities and avoid schemes promising unrealistically high or guaranteed returns.
Authorities also warned people not to trust advertisements featuring images of well-known personalities or government officials without verifying their authenticity, as cybercriminals frequently misuse such identities to gain public trust.
Victims of online financial fraud are encouraged to report incidents immediately to the Cyber Crime Police or through the National Cyber Crime Reporting Portal to improve the chances of recovering funds and tracing the accused.