A property businessman in Haryana’s Faridabad has been defrauded of nearly ₹17 crore in a sophisticated cyber investment scam, prompting police to launch multi-location raids and a nationwide investigation into the accused.
According to police officials, the fraud unfolded over several months after the victim—who had recently sold land for a substantial amount—was lured through online investment offers promising high returns in stock trading and IPOs.
Fake Investment App And Illusion Of Profits
Investigations reveal that the fraudsters contacted the businessman via messaging platforms and convinced him to download a mobile application that displayed fabricated profits. The app created an illusion of steady gains, encouraging the victim to invest increasingly larger sums.
Over time, the victim transferred funds amounting to approximately ₹17 crore, believing the investments were legitimate. The scam came to light only when he attempted to withdraw the money and was unable to access the funds.
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Funds Routed Through Multiple Accounts
Police investigations have found that the defrauded amount was routed through at least 38 different bank accounts, indicating a well-organised network designed to obscure the money trail.
Authorities suspect that the funds were further layered and possibly converted into cryptocurrency to evade detection, a tactic increasingly seen in high-value cyber fraud cases.
Police Launch Nationwide Crackdown
Given the scale of the fraud, Faridabad Police have formed around 20 specialised teams to track down the accused and trace financial transactions across states.
Raids are currently being conducted at multiple locations, and at least one आरोपी linked to bank accounts used in the fraud has reportedly been apprehended.
Officials indicated that the investigation involves coordination with cybercrime units, banks, and digital platforms to identify the full network behind the operation.
Rising Trend Of Investment-Based Cyber Frauds
The case highlights the growing prevalence of investment-based cyber scams, where fraudsters exploit digital platforms to lure victims with promises of high returns. These schemes often rely on fake apps, manipulated dashboards, and social engineering tactics to build trust before siphoning off large sums.
Experts note that such frauds are becoming increasingly sophisticated, involving multiple accounts, cross-border transactions, and emerging technologies like cryptocurrency to conceal proceeds.
A Wake-Up Call For High-Value Investors
Authorities have urged individuals to exercise caution while investing through online platforms, especially those offering unusually high returns. Verification of platforms, regulatory approvals, and financial intermediaries remains critical to avoid falling victim to such scams.
The investigation is ongoing, with further arrests and financial tracing expected in the coming weeks.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
