A high-stakes cyber fraud investigation is underway in Kerala after a Kochi businessman lost Rs 24.76 crore to what police believe is a sophisticated overseas scam operation. The case, registered by Kochi Cyber Police on September 1, has drawn attention for its possible link to a Cyprus-based call centre, an unusual origin compared to the Southeast Asian hubs typically associated with such frauds.
According to investigators, the businessman, identified as Nimesh, began investing through an online trading platform called Capitalix in March 2023. He was initially approached by a Malayalam-speaking man who identified himself as Daniel, offering stock trading opportunities. Trust was built over months through regular communication before the victim invested heavily. The scheme unravelled when Nimesh attempted to withdraw his funds last month, only to find access blocked.
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Investigators Probe Capitalix Connection
Capitalix, reportedly registered in the United States, operates as an online stock trading service. Police sources say it remains unclear whether fraudsters exploited the company’s name to dupe investors or whether the firm itself played a direct role. Authorities are scrutinizing the bank accounts that received Nimesh’s funds, while also tracking digital communication channels used during the fraud.
A Special Investigation Team (SIT) has been formed to pursue leads in the case. Police suspect that the Cyprus-based call centre may have employed Malayali staff to target local investors. “The involvement of a European-based operation is new territory for us,” one officer noted, highlighting that past investigations often pointed to call centres in Myanmar, Cambodia, and Laos, many of which are linked to Chinese syndicates. Kerala police have since issued a public advisory warning investors to exercise caution when approached with trading opportunities from unfamiliar online platforms. The alert follows a broader pattern of cross-border financial scams increasingly relying on regional language speakers to build trust with victims.
For Nimesh, the case has become a costly reminder of the risks posed by sophisticated international fraud networks. For investigators, it represents a widening battlefield where cybercrime no longer adheres to predictable geographies.