Hyderabad dentist loses ₹14.6cr in cyber-trading scam
A Hyderabad-based dentist and businessman lost ₹14.6 crore—the biggest individual cyber fraud loss in Telangana—after scammers pretending to be stock traders contacted him on Facebook.
Over a few months, he was convinced to open an account on a fake trading site and transfer money from his and his family's accounts into nearly 40 company accounts across 10 states.
How the scam worked and what's happening now
The scammers, led by someone calling herself Monika Madhavan, claimed huge daily trading profits and got the victim to share personal details for "KYC."
When he tried to withdraw what he thought was ₹34 crore from the fake platform, they demanded hefty "taxes" up front, then blocked access after partial payment in cryptocurrency.
Telangana Cyber Security Bureau has frozen over ₹1 crore so far as they investigate and try to track down the rest of the money and those behind this massive fraud.