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Hyderabad: A 76-year-old doctor was cheated out of Rs 86 lakh in an online investment fraud where the scammers allegedly used the name and image of Union Finance Minister Nirmala Sitharaman for social media advertisements.
According to a report in The New Indian Express, the victim expressed interest in an online advertisement on March 9, alleging investors could earn Rs 22 lakh a week. The next day, he received a call from one of the fraudsters, claiming to be a representative of a venture capital firm.
The man persuaded the victim to register with the company by paying Rs 17,500 and opening a demat account. The victim made an initial investment of Rs 5 lakh and later transferred larger amounts.
When he tried to withdraw Rs 85 lakh, the money was diverted to another account. The fraudsters then started demanding more money as part of processing fees.
Realising he had been cheated, the victim approached the Hyderabad Cyber Crime Police. A case has been registered and further investigation is underway.
This post was last modified on July 8, 2026 6:17 pm