Hyderabad Doctor Scammed ₹1.21 Crore in Forex Scam via Fake Union Minister Video

A 56-year-old physician from Hyderabad allegedly lost ₹1.21 crore through a forex trading scam involving a fabricated video of a Union minister.

The Scam Unveiled

A 56-year-old physician from Hyderabad is alleged to have lost ₹1.21 crore through a forex trading scam involving a fabricated video of a Union minister. The incident unfolded after the individual encountered an advertisement featuring a manipulated video of a senior government official endorsing a purported investment opportunity. The scheme promised unrealistic returns, with claims that a ₹22,000 initial investment could yield ₹80,000 daily.

The Fraudulent Advertisement

The fraudulent activity commenced on August 11 when the doctor engaged with the advertisement and subsequently downloaded five investment applications linked through calls from unidentified individuals. These platforms were presented as tools for forex trading and portfolio monitoring.

The Investment Applications

Over a period spanning from August 11 to October 9, the victim allegedly transferred more than ₹1.21 crore across 51 transactions from two bank accounts. The funds were routed to multiple UPI identifiers and bank accounts associated with the fraudulent schemes. The perpetrators allegedly encouraged continued investment through additional applications, leveraging false assurances of profitable trading.

The Discovery and Reporting

The deception was uncovered when the doctor attempted to withdraw funds from digital wallets, only to find the balances inaccessible. This discrepancy prompted the individual to contact the national cybercrime helpline, 1930, on October 27. A formal complaint was filed with the Malkajgiri cybercrime unit on October 29, detailing the advertisement, communication records, downloaded applications, and financial transactions.

The Investigation

Investigations by the Malkajgiri cybercrime police are focused on tracing the financial flows, analyzing UPI transactions, and identifying the individuals behind the fraudulent platforms. The case highlights the tactics employed by cybercriminals, including impersonation of authoritative figures, exaggerated return projections, and the use of mobile applications to facilitate large-scale financial exploitation.

The Broader Implications

The victim’s account underscores the risks posed by deceptive investment schemes that exploit trust in official endorsements and the perceived legitimacy of digital financial tools. Authorities are working to trace the origins of the fraudulent operations and recover the misappropriated funds.