Retired Doctor Defrauded of ₹68.3 Lakh in Elaborate Stock Trading Scam
A 74-year-old retired doctor residing in Hyderabad's Kachiguda area has become the latest victim of a sophisticated cyber fraud scheme, losing a staggering sum of over ₹68.3 lakh to criminals operating a counterfeit online stock trading platform. The elaborate scam notably utilized a fabricated video advertisement featuring Union Finance Minister Nirmala Sitharaman to establish credibility and lure the victim.
The Deceptive Deepfake Lure
The incident began on July 8, 2025, when the elderly victim encountered the fraudulent promotional clip circulating online. The deepfake video, which falsely portrayed Finance Minister Nirmala Sitharaman endorsing a trading platform named S**e*a, promoted an investment scheme that promised exceptionally high returns from buying and selling shares through their portal. Convinced by the apparent official endorsement, the retired doctor proceeded to contact the fraudsters using the telephone number displayed within the advertisement.
Methodical Extraction of Funds
A man identifying himself as B. Arun, claiming to be a manager of the company, initiated contact with the victim. The fraud commenced with a seemingly modest request: an initial deposit of ₹22,000 made via a QR code payment. This first transaction served as a foothold, after which the fraudster systematically escalated his demands.
Over the following months, from July to December 2025, the perpetrator coerced the victim into making progressively larger fund transfers through Real Time Gross Settlement (RTGS) transactions directed to various bank accounts. In total, the retired doctor was manipulated into executing 11 separate transactions. The amounts transferred ranged from ₹75,000 to a massive single transaction of ₹20 lakh, cumulatively draining ₹68.3 lakh from her savings.
"Each time I attempted to withdraw the displayed balance on the website, my request was rejected and I was asked to invest more," the victim recounted in her statement to the police, highlighting the classic tactic of continuous investment demands used to prevent withdrawal and extract more money.
Police Investigation and Legal Action
Upon realizing she had been systematically cheated, the victim promptly contacted the national cyber-fraud helpline 1930. Following this, she formally lodged a detailed complaint with the Hyderabad Cyber Crime police on Tuesday. Based on her complaint, authorities have registered a comprehensive case under multiple sections of law.
The charges include Sections 66-C and 66-D of the Information Technology Act, pertaining to identity theft and cheating by personation using computer resources. Additionally, several sections of the Bharatiya Nyaya Sanhita have been invoked: Section 111(2)(b) for organized crime, Section 318(4) for cheating, Section 319(2) for cheating by personation, Section 336(3) for forgery for the purpose of cheating, Section 338 for forgery of valuable security, and Section 340(2) for using a forged document or electronic record as genuine.
Sophisticated Criminal Operation
Investigators revealed that the fraudsters operated a highly organized network. They utilized multiple bank accounts to receive the illicit funds and employed an international phone number with the country code +41 (Switzerland) for communication. Furthermore, the perpetrators conducted interactions with the victim via the Zoom video conferencing platform, adding a layer of apparent professionalism to their scheme.
"We have secured the phone details, email addresses, and bank account particulars linked to this case. Our teams are actively analyzing the complex money trail and investigating the origins of the fake video used in the advertisement," stated a senior official from the Cyber Crime unit. The investigation is now focused on tracing the digital footprint and financial pathways to identify and apprehend the individuals behind this multi-lakh rupee scam.
This case serves as a stark warning to the public, especially senior citizens, about the rising threat of deepfake technology in financial fraud. It underscores the critical importance of verifying the authenticity of online investment opportunities, especially those promoted using the likeness of public figures, and consulting with trusted financial advisors or family members before committing significant funds.
