Three major cases of financial deception have surfaced within days of each other, highlighting systemic vulnerabilities and the devastating impact of tech-enabled crimes on individuals and institutions alike.
Woman Loses ₹11.5 Crore Over Six Years in Mumbai
A 66-year-old Mumbai resident fell victim to a slow-burning cybercrime that drained her of ₹11.5 crore over six years. The fraudsters, posing as law enforcement and intelligence officials, manipulated the woman into believing that her identity was linked to a drug cartel and money laundering case. Using fear tactics and impersonation, they coerced her into transferring funds to “secure accounts” for verification.
The woman reportedly made over 370 bank transactions between 2019 and 2024. The fraud only came to light recently when her family noticed large withdrawals and inconsistencies in her financial history. The Mumbai Police have registered a case and are collaborating with cybercrime experts to trace the digital footprint of the con artists.
German Bank VP in Pune Falls Prey to Deepfake Scam
Meanwhile, in Pune, a Vice President at the German multinational Deutsche Bank lost nearly ₹1.3 crore after being duped through a highly convincing deepfake video call. The fraudster, appearing as the bank’s Germany-based CEO, asked the VP to urgently transfer funds for a confidential project. Believing it to be a legitimate request, the executive made the transfer before suspecting foul play.
Cybersecurity officials investigating the case have expressed concerns over the rising use of AI-driven deception, especially deepfakes, which are now targeting professionals and decision-makers with alarming precision.
ED Seizes ₹27 Cr in Karnataka Seat Blocking Scam
In a separate but equally serious incident, the Enforcement Directorate (ED) seized ₹27.2 crore in cash during raids on three private engineering colleges in Karnataka. The institutions were allegedly involved in a “seat blocking” racket—booking seats in advance and later selling them at a premium to students willing to pay under the table.
The raids revealed a well-organized nexus involving educational consultants, college managements, and third-party agents. The ED is probing violations under the Prevention of Money Laundering Act (PMLA) and expects more arrests in the coming weeks.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.