Hyderabad doctor loses Rs 86 lakh in investment scam using Nirmala Sitharaman’s name

A 76-year-old doctor from Meerpet lost Rs 86.44 lakh in an online investment scam after fraudsters allegedly used Union Finance Minister Nirmala Sitharaman's name to gain his trust. Hyderabad Cybercrime Police have registered a case and launched an investigation.

Hyderabad: A 76-year-old doctor from Meerpet was cheated to the tune of Rs 86.44 lakh in an online investment fraud after fraudsters allegedly used the name of Union Finance Minister Nirmala Sitharaman to lure investors.

According to information available, the victim clicked on a social media investment advertisement and was later contacted by two individuals claiming to represent a venture capital firm. They convinced him to open a demat account and transfer money in multiple instalments under the guise of registration, trading, commission, bank, SEBI and tax charges.

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The fraudsters allegedly sent fake profit updates and later demanded more money to release the returns.
Suspecting fraud, the doctor lodged a complaint with the Hyderabad Cybercrime Police, who booked a case and are investigating.