In a shocking case of cybercrime in Western Maharashtra, a 75-year-old retired refinery executive from Kolhapur was duped of ₹7.86 crore by fraudsters posing as Mumbai Police and Enforcement Directorate (ED) officials. The cybercriminals threatened the elderly victim with accusations of funding a banned terror outfit and money laundering, coercing him into transferring his entire life savings between May 26 and June 23, 2025.
The victim, who had retired in 2012 as an assistant vice-president from a refinery in Jamnagar and briefly rejoined work between 2017 and 2019, fell into the trap despite initially suspecting foul play. Living peacefully in Kolhapur post-retirement, the man had invested heavily in the stock market and held a significant fixed deposit jointly with his wife. These were liquidated under pressure and transferred into 14 different bank accounts across cities including Mumbai, Nashik, Akola, Chandigarh, Prayagraj, Manoharpur, Andhra Pradesh, and Bihar.
Fraudsters Used Fake Court, RBI, and SEBI Letters
According to the police FIR, the con began with calls from individuals claiming to be Mumbai Police officials. These were followed by someone posing as a senior Enforcement Directorate officer. When the victim expressed doubt and denied any wrongdoing, the scammer abruptly ended the call. Soon after, another caller identifying himself as a senior Mumbai-based government officer instructed him to fully cooperate, pushing the victim deeper into fear and submission.
To add legitimacy to the scam, the fraudsters shared falsified documents and forged official letters bearing the seals of the Supreme Court of India, the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI). They claimed the victim’s funds were needed for verification and assured him the money would be refunded once cleared. Trusting these forged documents, the man sold off his investments and transferred funds totaling ₹7.86 crore into multiple accounts.
Police Register FIR, Launch Investigation
The Juna Rajwada Police Station in Kolhapur has filed a formal case following a preliminary verification of the victim’s detailed complaint. The case is being investigated under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
Authorities are currently tracking the multiple bank accounts and mobile numbers used by the fraudsters. The senior citizen’s three sons, all based in the United States, have been informed and are reportedly coordinating with the police. Investigators believe this case may be part of a broader pan-India cyber fraud network.
Citizens are urged to remain cautious and report suspicious calls related to law enforcement or financial institutions immediately through the national cybercrime helpline 1930 or cybercrime.gov.in.