Hyderabad doctor loses Rs 11 crore in crypto fraud

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The number of people trading in the crypto market has increased rapidly in the last few years. Along with crypto usage, cases of fraud in this field are also increasing which is not good. In Telangana (india), a doctor from Hyderabad city was defrauded of Rs 11 crore INR in a case of cryptocurrency-related scam/fraud. Fake forex trading platforms were used in this case too so not only crypto but forex trading is also involved.

A news media report said that Telangana state's Cyber ​​Security which is Bureau has started investigating this particular matter. About 4 months ago, Hyderabad city's doctor whose name is Sameer Azad Mahendra was informed about a cryptocurrency trading platform by that scam person. This particular person claimed to be a representative of Webull which is a forex trading firm. This person advised Sameer who is a doctor to trade through this firm. He was asked to convert INR into USDT which is a stablecoin in the crypto field. Initially, doctor Sameer saw a lot of returns on forex trading. After this, he started transferring large amounts of money to the accounts mentioned.

The central government India has also taken measures to curb such fraud/scam cases. In this connection, recently the Cybercrime Coordination Center (I4C) of India and the Department of Telecom (DoT) of India blocked at least 17,000 WhatsApp social media accounts of foreign hackers. About 45% of cyber financial frauds in the country are from Southeast Asia. These crimes have become more complex & bigger. Due to this, the victims have to suffer a lot. Steps are being taken by I4C to destroy the infrastructure used by these hackers.

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