₹3.8 Crore Digital Fraud: Retired Mumbai Bank Manager Deceived for 10 Days

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A 64-year-old retired bank operations manager from Mumbai allegedly lost ₹3.8 crore in a cyber fraud scheme involving impersonators posing as anti-terrorism officials.

The Scam Unfolds

The scam, which lasted 10 days, involved sustained psychological pressure and fabricated documentation to coerce the victim into transferring funds.

Initial Contact and False Allegations

The deception began on August 7 when an individual claiming to be Sub-Inspector Akash Sharma from the Mumbai Anti-Terrorism Squad contacted the victim. The caller alleged that an unauthorized SIM card linked to the victim’s Aadhaar details had been used to open a bank account in Jammu and Kashmir.

Escalation Through Coercion

The fraudster instructed the victim to contact another number, where a second individual posing as Lucknow ATS Inspector Prem Kumar Gautam claimed the account was tied to terrorist financing. Fraudsters provided a forged document purportedly from the Reserve Bank of India, stating a Supreme Court arrest warrant had been issued against the victim.

Psychological Pressure and Threats

The victim was subjected to continuous video calls and threatened with arrest of family members if he did not comply. Under duress, the victim transferred ₹3.8 crore, including retirement savings, to multiple accounts.

Financial Manipulation and Investigation

The funds were routed through approximately 150 bank accounts, with some acting as mule accounts to obscure the trail. Authorities have frozen around ₹2 crore, while investigations continue to trace the remaining amount.

Suspicion arose when the fraudsters demanded additional payments after the full transfer. A friend working in banking advised the victim to report the incident, leading to a police complaint.

Expert Insights and Warnings

Cybercrime experts highlighted the tactics used in such scams, emphasizing that legitimate agencies do not employ video surveillance or demand money transfers during investigations. Victims are urged to independently verify claims through official channels.

Police and Cybercrime Response

Police are analyzing the financial network, identifying individuals impersonating ATS officials, and tracing the flow of funds. The case underscores the sophistication of organized cybercrime groups leveraging fear of law enforcement to target high-net-worth individuals through fake documentation, surveillance, and coercive tactics.