As an analyst with years of experience in financial fraud investigations, this story of Dr. Sameer Azad Mahendra’s heart-wrenching ordeal serves as a stark reminder of the ever-evolving and sophisticated methods used by cybercriminals to exploit unsuspecting victims.
In Hyderabad, India, a physician was tricked out of 110 million Indian rupees in a fraudulent cryptocurrency scheme. The con artists, posing as representatives from a well-known foreign exchange trading platform named Webull, deceived the victim by promising large returns on crypto investments. According to authorities, these individuals coerced the victim into making numerous substantial deposits.
Based on reports from the police, it appears that the victim in this case was Dr. Sameer Azad Mahendra, a Hyderabad resident. This individual was allegedly targeted by an individual named Mittal, who claimed to be a representative of Webull. The scammers persuaded the doctor to exchange Indian rupees into USTD cryptocurrency through RTGS. They also informed him that he needed to pay a tax of 3.7 crore on his withdrawals as per US Federal Rules, since he was considered a Non-Resident. This information comes from The Times of India.
From August to November in the year 2024, Dr. Mahendra performed numerous RTGS transactions using three different bank accounts, according to the police. Fraudsters requested him to pay an amount of Rs 3.7 crore as a supposed “advance tax” on his crypto investments, which were made through the RTGS transactions.
Based on police reports, the suspect raised red flags when he requested the victim to transfer another tax payment into his bank account. On November 30, the victim filed a complaint with the Telangana Cyber Police, leading to the submission of an FIR. The authorities have registered this case under relevant provisions of the Information Technology (Amendment) Act and the Indian Penal Code.
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2024-12-11 17:09