Cyber Crime
Biggest Cyber Fraud Ever in India : 75-Year-Old Man Loses Rs 13 Crore—Here’s How It Happened
Hyderabad: Telangana’s Cyber Security Bureau is investigating what could be the largest individual cyber financial scam reported in the state, where a 75-year-old man has been defrauded of Rs 13 crore. The elderly victim, a retired senior manager from a public sector organization, fell prey to scammers who approached him with an investment opportunity via WhatsApp on July 1.
Enticed by the high returns promised, the man invested Rs 4 crore within ten days. As his account balance surged to Rs 10 crore, he decided to withdraw his funds. However, the fraudsters informed him that additional payments were required, citing GST, CGST, conversion tax, foreign exchange tax, and other charges. Believing he could recover his initial investment and the purported profits, he ended up transferring an extra Rs 9 crore over the next 15 days.
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To fund these investments, he liquidated mutual funds and other savings, transferring the money through his personal bank account. It wasn’t until approximately 50 days later that he recognized he had been scammed.
On Monday, he approached the Telangana Cyber Security Bureau to lodge a complaint. Unfortunately, the delay in reporting has significantly reduced the chances of recovering the lost funds. Out of the Rs 13 crore withdrawn from his account, authorities have managed to retrieve only Rs 20 lakh. The stolen money was disbursed through various channels, including checks and ATM withdrawals from multiple bank accounts across states such as Rajasthan, Gujarat, Maharashtra, and Kerala. Additionally, Rs 2 crore was siphoned off from Dubai.
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Law enforcement officials are currently interrogating a couple of individuals in Hyderabad, from whom some of the funds were also withdrawn.