Navi Mumbai: Retired man loses Rs 59.8 lakhs in cyber fraud while investing in overseas company


You may have heard about call frauds many times a day, like someone whom you know got scammed over the phone call and got trapped in the trap of the fraudster. This can cause huge chaos if it happens to you. Right? Just like the case we talked about, another FIR has been unleashed and made a huge chaos as we have already talked about. So, what’s this case about, and how did the victim dealt with the incident, let’s talk about it.

Navi Mumbai, A Veteran, 2022

This case starts with an old man who has just retired from work and wants to invest his money over something that could give something in return. He had saved a huge amount that could be enough for a person to live a happy old age. He got a call from a fraudster who said – invest in our overseas investment company; we’ll put your money on some projects that benefit you with some extra cash.  I mean… This is something reasonable, but who could say if it’s real or not? He got some hope of getting something bigger than the expectation. The investment firm said – the invested amount would turn x7 after the deposit, which is quite fancy for an old-aged person. The fraudster contacted the victim via social media.

Police, Navi Mumbai

In Aug 2022, the victim got a friend request from a social media platform, and they started chatting. After that, the cyber burglar introduced a plan which is plotted specially to deceive the person into getting involved in a U.S.-based scammed investment scheme. They were imitating a U.S.-based financial corporation that promised to offer x7 the return of the actual amount which was ₹16,00,000 Lakh ($20,000).

First, the victim didn’t believe what they said. But after the fraudster make a call again to explain the scheme and its terms for processing of investing and getting returns, the victim finally believed the scammer’s words. After that, the victim deposited that amount in a bank account instructed by the cyber fraudster.

3 Days later, the fraudster told the victim that she herself made an investment of USD $30,000 (₹24,00,000) and suggested he should make a similar investment as her. Against the deposit, he’ll get a 10% daily return as per the investment policy. He again made a payment of ₹34,80,000 to the same bank account. 

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Due month, the victim asked for the promised return. The fraudster told him to check his status online, in which he saw that $1,75,000 had been deposited into his account at the financial institution under his name. But he was asked to fill ₹9,50,000 as a penalty amount cuz the invested amount has to be transferred into Indian currency. He again fell for the trap and fill out the amount then ask for the return. After that, he was told, his first investment had matured, however, he’ll only get his money back after the maturity of the second investment. For that, he needed to pay 15% or USD 44,000 (₹35,00,000). The total amount burned in the scam was ₹59.8 Lakhs.

Retired man loses Rs 59.8 lakhs in cyber fraud

He realized that he got trapped in a scam proposed by an imposter acting as a financial corporation. Then he got in contact with the Police. The Case has been made against the anonymous under various sections of Law of Court such as – 419, 420, and 34 of the IPC and Section 66 (C) and 66 (D) of the IT Act. Aftermath, the investigation started.

You should be careful with whom you talk over social media, you might become a victim of such an absolutely disastrous incident. Learn, Research, and Grow!

Kindly read more articles :

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