Hyderabad: In yet another case highlighting the growing menace of cybercrime, a 48-year-old doctor from Hanamkonda lost ₹32.85 lakh after being duped by fraudsters through a fake online trading app that promised high returns.
Cybercrime Targets Medical Professional
According to the police, the doctor made 14 separate transactions amounting to ₹32.85 lakh, believing he was investing in a legitimate trading platform. The scam was orchestrated through an online network that lured victims with the promise of substantial profits.
Case Registered by Telangana Cyber Security Bureau
Following a complaint filed by the victim, the Telangana Cyber Security Bureau registered a case under the Warangal Police Commissionerate and launched an investigation into the cyber fraud. Authorities have begun tracing the digital footprint of the accused.
WhatsApp Group ‘The Gate of Wealth’ Behind the Fraud
As per a report by Deccan Chronicle, the fraud began when the doctor clicked on a WhatsApp link titled ‘The Gate of Wealth’. After joining the group, he was added to another channel called ‘C2 Learning Group’, allegedly operated by two individuals identifying themselves as Ram Manohar and Priya Mehta.
Fake Trading App ‘FaerPE’ Used to Lure Investors
The scammers persuaded members to download an app named ‘FaerPE’ from the Google Play Store and begin trading. Initially, the doctor invested ₹20,000 and received small returns, which increased his trust in the app and its operators.
Larger Investments and the Trap
Encouraged by early profits, the doctor gradually invested larger sums, transferring ₹32.85 lakh in total following trading instructions from the group. However, trouble began when he attempted to withdraw ₹10 lakh from his balance.
‘Profit-Sharing Fee’ Demand Exposes the Scam
When the doctor tried to withdraw his funds, the fraudsters demanded ₹6.96 lakh as a “profit-sharing fee”. Upon his refusal, the scammers abruptly stopped responding and blocked further communication, revealing the deception.
Police Launch Probe into Cyber Fraud Network
Realising he had been cheated, the doctor filed a formal complaint with the Warangal police. The Telangana Cyber Security Bureau has begun a probe to trace the perpetrators and investigate links to similar online investment scams operating through social media and messaging platforms.
