Kochi police have launched a special investigation into one of Kerala’s most significant cyber fraud cases after a businessman from Elamkulam reported losing ₹24.76 crore to an elaborate online scam. The Special Investigation Team (SIT), headed by Kochi City Police Commissioner Putta Vimaladitya, is now tracing the complex web of transactions that spanned more than two years.
Authorities confirmed that the victim, a 49-year-old pharmaceutical company owner, was lured into a fraudulent stock trading scheme between March 2023 and August 2025. The fraudsters, posing under the name “Daniel,” operated through a fake trading platform, www.capitalix.com. Police said the victim transferred money in multiple instalments, only realising he had been deceived when he was unable to withdraw his funds.
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Investigators Collecting Digital Evidence
The SIT’s first step has been to compile a complete record of all communications between the businessman and the alleged scammers. This includes phone calls, online chats, and transaction details. Investigators are also working with private banks to trace the flow of funds, much of which is believed to have been moved across accounts to obscure its origins.
The case has been registered under sections 318(4) for cheating and 316(2) for criminal breach of trust of the Bharatiya Nyaya Sanhita (BNS).
Wider Concerns Over Cyber Scams
Officials believe the case may be part of a larger trend of organized cybercrime targeting high-net-worth individuals with promises of lucrative returns from fictitious trading platforms. Kerala police sources noted that similar cases are being reported across the country, often with nearly identical methods: a convincing website, regular engagement with the victim through calls and chats, and an eventual disappearance of funds.
The Ernakulam case has raised alarms about the growing scale and sophistication of such schemes, particularly given the staggering amount involved. While the SIT continues to pursue leads, the fraud highlights the increasing need for public awareness and stronger cybersecurity frameworks to safeguard businesses and individuals from such financial exploitation.