A 72-year-old Mumbai investor and his wife were defrauded of about Rs 58 crore after cyber criminals posing as officers of central agencies persuaded the couple that they were under investigation and must transfer funds to clear their names. The Maharashtra Nodal Cyber Police Station said the fraud began on August 19 and that three people have been arrested in Mumbai in connection with accounts used to route the money.
What happened
Investigators said that the victim received a WhatsApp video call from two men who identified themselves as Subramaniam and Karan Sharma and claimed to be officers of the Enforcement Directorate and the Central Bureau of Investigation. The callers displayed forged documents and warned of arrest and property attachment. Fearing legal action, the couple followed instructions to transfer funds to accounts specified by the fraudsters, as per various media reports.
Over a period of nearly two months the money was moved through RTGS and other transfers into at least 18 accounts across Maharashtra and other states. Police identified three accused arrested in Mumbai as Abdul Nasir Khulli, Arjun Kadwasara and Jetharam Kadwasara. Officials said some of the accounts belonged to companies such as Aircool Enterprises and Meghdoot Trading Company. Investigators allege a Gujarat-based man named Ankit Shah coordinated withdrawals and transfers across states, the report added.
The Maharashtra cyber unit registered a case under provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. Tracing and recovery efforts are under way and further arrests are possible as the probe continues, as per reports.
How the scam worked
The operation relied on intimidation and control rather than technical hacking. Perpetrators used video calls, forged paperwork and cloned contact numbers to create the appearance of an official probe. Victims were isolated and repeatedly instructed not to contact others. The fraudsters then directed large transfers to a chain of mule accounts and shell companies, and withdrew funds rapidly.
Why senior investors are targeted
Police said the scams often target older people and experienced investors because the fraudsters exploit two vulnerabilities. One is fear of legal consequences. The other is trust in apparent officialdom when documents and voices appear convincing. The perpetrators invest time in creating a believable scenario until victims comply, as per reports.
Five steps to keep investments safe
- Verify independently: If someone claims to be from a government agency contact that agency only through numbers or portals listed on its official website. Do not rely on caller-provided contact details.
- Never transfer money on demand: No legitimate investigative agency asks for money to settle or avoid prosecution. Treat any demand for transfers as a scam.
- Do not rely on video calls or screen documents as proof: Forged documents and staged screens are common: Pause, verify and consult a trusted adviser or family member before complying.
- Preserve evidence and act fast: Keep chat logs, call records and transaction receipts. Inform your bank immediately and request a block on further transfers where possible.
- Report without delay: File a complaint on the National Cybercrime Reporting Portal or at the nearest police station. Early reporting improves the chance of tracing and freezing funds.