A fresh case of an alleged organised cyber fraud targeting high-value business owners has surfaced in Indore, Madhya Pradesh, where a road construction contractor claims he was cheated of more than ₹1.5 crore after being promised a ₹15 crore business loan. Investigating agencies are examining the group’s operating methods, financial trail and the possible involvement of additional associates. Preliminary findings have also brought to light the names of a South Indian actor and an actress, although officials have stressed that their roles, if any, remain under investigation.
According to the complaint, the alleged fraud network specifically targeted entrepreneurs who faced difficulty obtaining large business loans through conventional banking channels. The suspects allegedly gained the victims’ confidence by promising quick loan approvals, simplified procedures and minimal documentation. Once trust had been established, they reportedly collected money in multiple instalments under various pretexts, including processing charges, advance interest, no-objection certificates (NOCs), registration fees and other administrative expenses.
Investigators further allege that the suspects conducted video calls during which they displayed cartons purportedly filled with cash, claiming they contained ₹15 crore ready for disbursement. The victim was allegedly assured that the funds would be released immediately after the remaining formalities and payments were completed. Police noted that a previously reported case involving a promised ₹10 crore business loan followed a similar pattern, with the accused allegedly using bundles of currency and cartons of cash to convince the victim of the scheme’s legitimacy.
The complainant has also alleged that members of the group took temporary possession of his mobile phone and scanned documents, emails and other digital data stored on the device. He further claims that documents bearing his name were later prepared without his knowledge or signature. Investigators are examining whether these alleged documents were used in financial transactions or other administrative processes connected with the fraud.
According to the victim’s legal counsel, more than ₹1.5 crore was collected from the businessman under different pretexts over a period of time. The victim reportedly realised he had been defrauded only after the promised loan never materialised despite repeated assurances. Owing to concerns about reputational damage, he initially refrained from approaching the authorities. He later filed a formal complaint with the police and the cyber crime unit on July 27 after learning that another victim in a similar loan fraud case had recovered funds through a court order.
The investigation has also revealed that the allegedly defrauded amount of over ₹1.5 crore was transferred through more than 200 bank accounts. Authorities are now tracing beneficiary accounts, analysing banking records and examining digital transaction trails to identify the ultimate recipients of the funds. Investigators believe that the similar modus operandi, victim selection process and money collection pattern observed in both cases indicate the possible involvement of an organised inter-state cyber fraud network.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said fraudsters involved in fake business loan, investment and foreign funding schemes typically establish credibility before demanding repeated payments under the guise of processing fees, taxes, legal charges and regulatory formalities. He advised businesses to independently verify the legitimacy, regulatory status and financial credentials of any private lender or intermediary before making payments. Police continue to investigate the wider network, financial trail and the possible involvement of additional suspects in the alleged fraud.
