Bengaluru: An 80-year-old resident of Cox Town, Bengaluru, Vaidyanathan, fell victim to a major cyber fraud, losing over ₹2.51 crore to scammers posing as bank officials. The East Division Cyber Crime Police have registered a case against unknown persons and launched an investigation.
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The fraud began in January 2026 when Vaidyanathan clicked on a Facebook advertisement promoting stock tips and IPO block trading, falsely claiming affiliation with a private bank and its securities wing. After submitting personal details through the provided link, he was contacted by a woman named ‘Anvika Mehra’ and several other individuals operating via multiple phone numbers.
Scammers Persuaded Him to Invest Through Mobile Apps
The scammers persuaded him to invest through two mobile apps, KOTMOT and KOTPRO, available on the Google Play Store. These apps showed his investment of ₹2.51 crore nearly doubling to ₹5 crore. Later, the fraudsters pressured him to deposit an additional ₹3 crore to secure an alleged IPO allotment, which was later found to be entirely fake. Attempts to reach the bank’s purported securities support via a WhatsApp group proved futile.
Police confirmed that Vaidyanathan made 23 transactions totaling over ₹2.5 crore, all routed to multiple bank accounts controlled by the fraudsters.
A case has been registered under Sections 66C and 66D of the IT Act, 2000 and Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), 2023. Authorities are actively investigating to trace the perpetrators and recover the defrauded funds.
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Exploit Social Engineering and Digital Identity Vulnerabilities
Cybercrime expert and former IPS officer Prof. Triveni Singh noted, “These scams exploit social engineering and digital identity vulnerabilities, often targeting elderly individuals. Strong financial and cyber safeguards are essential to prevent such incidents.”
Preliminary investigations reveal that the accused used fake investment returns to deceive the victim and applied psychological pressure to extract more funds. Police cautioned that such frauds frequently involve multiple bank accounts and fake applications, making tracing difficult.
Authorities have begun a detailed analysis of digital transactions and bank accounts to map the complete fund flow and identify potential collaborators.
The case highlights not only the severity of cyber fraud in Bengaluru but also underscores the critical need for awareness and verification when making online investments. Officials have urged the public to rely on verified platforms and official channels for digital investments.
Investigations are ongoing, with police aiming to apprehend the culprits and recover the funds defrauded from Vaidyanathan.
