A university professor residing in the Azad Nagar area of Kanpur has been duped of ₹1.31 crore by cyber fraudsters after being lured into a fraudulent online trading scheme with promises of lucrative returns. The victim, identified as Professor Devesh Dubey, was initially contacted on Facebook and added to an online investment group, where operators persuaded him to make multiple deposits over the span of nearly a month. A formal cybercrime case has been registered after the fraudsters refused to release his funds and instead demanded an additional ₹34 lakh under the pretext of withdrawal commission fees.
Fraudsters Used Fabricated Portfolios to Lure Victim
According to the complaint filed with the authorities, the perpetrators contacted Professor Dubey on Facebook before shifting communications to an online trading group. The operators shared promotional claims and investment opportunities, assuring him of substantial profits within a short period. Convinced by these assurances, the complainant began transferring money into designated bank accounts provided by the network.
Between August 10 and September 7, the professor carried out a sequence of transactions amounting to ₹1.31 crore. Throughout this period, the fraudulent online trading portal reflected his deposited capital alongside purported financial gains. Believing the displayed figures were genuine and that his portfolio was generating high yields, the complainant continued to wire funds in multiple instalments.
Demand for Additional ₹34 Lakh Exposed Racket
The scam came to light when Professor Dubey attempted to withdraw the accumulated balance visible on the trading platform into his personal bank account. The system barred the transaction, prompting him to seek clarification from the platform administrators. The fraudsters subsequently insisted that the funds could only be unlocked after paying ₹34 lakh as a mandatory commission charge.
Realising that something was amiss, the professor refused to make any further transfers and demanded the immediate return of his deposited capital. Suspecting foul play, he initially submitted a complaint to the Securities and Exchange Board of India (SEBI). Upon reviewing the situation, he established that he had been systematically targeted by a coordinated cyber fraud ring and subsequently filed a formal written report with the police.
Funds Siphoned Across Six States Through Mule Network
Following the complaint, the cybercrime police station initiated a comprehensive investigation into the financial records and digital trail left by the operators. According to the cybercrime police station in-charge, the ₹1.31 crore siphoned from the professor was routed through 94 bank accounts distributed across six states, including Rajasthan, Haryana, Andhra Pradesh, and Maharashtra.
Investigating officers are treating these as suspected mule accounts, which are commonly deployed by syndicates to fracture the transaction trail and obscure the primary recipients. The inquiry remains focused on identifying the individuals who supplied the accounts, verifying whether the account holders maintain direct operational ties with the group, and examining whether the network has targeted other victims in a similar manner.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
