A Hyderabad doctor lost Rs 11 crore in cryptocurrency scam.
It all started in August when Dr Sameer Azad Mahendra was approached by a person named Mittal, who claimed to represent a reputed forex trading platform.
Mittal convinced the doctor to register and trade on two websites.
In today’s world, cryptocurrency has become a buzzword, offering opportunities for both investment and trading. But with the rise in popularity, scams targeting unsuspecting individuals have also surged. A 50-year-old doctor from Banjara Hills, Hyderabad, recently became the victim of one such scam, losing a staggering Rs 11 crore in a fake crypto trading scheme.
It all started in August when Dr Sameer Azad Mahendra was approached by a person named Mittal, who claimed to represent Webull, a reputed forex trading platform.
Mittal convinced the doctor to register and trade on two websites — https://webull.bet and www.webull-vip1.pro — promising huge returns on his investments. These sites appeared legitimate, and the doctor, initially encouraged by what seemed like profits, began investing more money.
Also read: Kerala man loses Rs 4.05 cr after being tricked into installing a fake investment app
Dr Mahendra was instructed to convert Indian rupees into USDT, a popular cryptocurrency, and transfer them through RTGS to specific merchant accounts provided by the fraudsters, reports TOI. Encouraged by his apparent profits, he continued making larger deposits.
As the months went by, Dr Mahendra made several RTGS transactions from three different bank accounts. However, when he tried to withdraw his earnings, he was told that he needed to pay an advance tax of Rs 3.7 crore under a supposed US federal law for non-residents.
The fraudsters claimed Mittal’s family would cover Rs 1.7 crore as a loan, leaving the doctor to pay Rs 2 crore. Even after this, more tax demands followed, citing anti-money laundering regulations.
Suspicious of the growing demands, Dr Mahendra finally realised that something was wrong and filed a complaint with the Hyderabad cybercrime police on November 30. The scamsters had swindled Rs 11.1 crore from him through multiple transactions.
Also read: Mangaluru man loses over Rs 16 lakh after being added to a WhatsApp group: Here’s what happened
How to protect yourself from such scams
- 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, recognised channels.
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Ayushi Jain
Tech news writer by day, BGMI player by night. Combining my passion for tech and gaming to bring you the latest in both worlds. View Full Profile
