A retired bank official from north Kolkata narrowly escaped further financial damage after swift coordination between a public sector bank and the West Bengal Cyber Crime Wing halted an online investment fraud mid-way, saving nearly ₹17 lakh that was on the verge of being transferred. The victim had already lost ₹26 lakh over the past few weeks to cybercriminals operating a fake trading scheme, police said on Friday.
The timely intervention came on December 22, when the bank’s transaction-monitoring system flagged an unusual fund transfer from the customer’s account. Recognising the risk indicators, bank officials immediately alerted the cyber crime wing, which contacted the victim and cautioned him before additional payments could be made. Officers said the real-time alert proved decisive, preventing the fraudsters from draining the account further.
A scam built on social media credibility
Investigators said the retired banker was lured through social media advertisements that promised high and consistent returns from stock market trading. The first point of contact was a promotional post on Instagram, which redirected interested users to a private WhatsApp group styled as an exclusive “trading community”.
Inside the group, fraudsters posing as market experts and relationship managers shared fabricated screenshots of profits, testimonials from fake investors and daily trading tips. Over time, the victim was persuaded to invest using a mobile application called “PZENA”, now under investigation for its alleged role in the fraud. Multiple transfers were made in stages, resulting in losses of around ₹26 lakh before the suspicious transaction alert was triggered.
Complaint filed, money trail traced
Following guidance from cyber officials, the victim promptly registered a complaint through the national cybercrime helpline 1930 and the National Cybercrime Reporting Portal, allowing investigators to begin tracing the money trail without delay. According to police, early reporting significantly improves the chances of freezing accounts and identifying beneficiaries before funds are layered across multiple channels.
A senior officer involved in the probe said steps are underway to freeze suspected beneficiary accounts as per legal procedures. “We are analysing transaction flows, identifying intermediary accounts and mapping the network behind the fake trading app and social media handles used to target victims,” the officer said.
Mule accounts in focus
The investigation has once again brought the spotlight on the rampant misuse of mule accounts—bank accounts opened or rented by individuals who allow fraudsters to route illicit money in exchange for a commission. Such accounts complicate recovery efforts and slow down investigations.
At a recent coordination meeting with bank officials, the cyber crime wing flagged the alarming scale of the problem. In one major bank branch alone, more than 5,000 accounts have appeared in complaints logged on the National Cybercrime Reporting Portal since April 2025, an officer said. Police are also examining whether insider data leaks or weak due diligence processes helped scammers identify and approach potential victims.
Banks urged to act faster
Cyber officials acknowledged that banks vary widely in how quickly they respond to fraud alerts. While some institutions escalate suspicious activity within minutes, others take hours—often allowing criminals a critical window to move funds.
Police have urged banks to tighten Know Your Customer (KYC) checks, strengthen transaction-monitoring systems and ensure immediate sharing of alerts with law enforcement. With many banks now deploying AI-based tools to flag anomalies, authorities are pushing for real-time coordination so frauds can be stopped while still in progress.
A lesson in early intervention
Officials said the case underscores a broader shift in cybercrime response—from focusing solely on post-fraud recovery to prevention and early intervention. “If alerts are acted upon quickly, losses can be limited dramatically,” an officer said.
Citizens have been advised to remain cautious of unsolicited investment offers on social media, avoid downloading unknown trading applications and report suspicious transactions immediately via 1930. As cyber fraud networks grow more sophisticated, authorities stress that shared responsibility between banks, law enforcement and customers remains the most effective defence against financial crimes in the digital space.
