Hyderabad: A Hyderabad-based doctor was cheated of Rs 14 crore after falling prey to an online stock market investment fraud. Police arrested four accused in connection with the case and traced the cyber crime network to Cambodia.
According to police, cyber criminals targeted the doctor through Facebook by using photographs of a woman to create a fake profile. The accused initiated conversations and gradually developed a friendly relationship with the victim. After gaining his trust, they introduced him to an online investment opportunity and promised unusually high returns.
Police said the woman claimed that she worked as an employee in a reputed company and projected herself as financially knowledgeable. She persuaded the doctor to invest in a company that she described as a reliable stock market platform. To strengthen the deception, the fraudsters shared screenshots showing fake profits and account balances.
Rs 14 crore cyber fraud through fake online identity
Believing the claims, the doctor began transferring money in instalments. Over time, the accused pressured him to invest more by citing higher profit margins and time-bound opportunities. Police said the victim took personal loans and later sold his house to raise funds for further investments.
When the doctor attempted to withdraw the returns, the fraudsters demanded additional payments in the name of service charges and taxes. Suspecting foul play, the victim stopped payments and approached the police, following which an investigation was launched.
During the probe, police tracked the financial transactions and identified several mule bank accounts used to route the cheated money. The four arrested accused allegedly arranged these bank accounts and facilitated the transfer of funds to Cambodia through multiple layers.
Investigators said Chinese nationals operating from Cambodia controlled the organised cyber crime network. They added that agents lured young people from India to Cambodia with fake job offers and forced them to participate in cyber fraud activities.
Police registered a case based on the doctor’s complaint last month. Using financial analysis and technical evidence, the cyber crime team identified the accused and arrested them. Further investigation was underway to trace other members of the network and recover the cheated amount.
