A businessman from Kochi has lost a shocking ₹24.76 crore in an online trading scam, in what police believe could be one of the biggest fraud cases in the state. The scam has now been traced to a suspected call centre in Cyprus, marking a new shift in how such frauds are being carried out.
The victim, identified as Nimesh, was first approached in March 2023 by a Malayalam-speaking man who introduced himself as Daniel. Using the local language to build trust, Daniel convinced him to invest through a platform called Capitalix, promising steady profits. Over time, Nimesh invested large sums of money. But when he tried to withdraw his funds and the supposed profits last month, he realised he had been cheated. Following his complaint, the Kochi Cyber Police registered a case on September 1 and formed a Special Investigation Team (SIT) to probe the matter.
Foreign Call Centre Under Scanner
Police believe the fraud was organised through a Cyprus-based call centre, making this one of the first European links in such scams. Usually, online investment frauds targeting Indians have been connected to call centres in Myanmar, Cambodia, and Laos, often linked to Chinese syndicates.
The use of a Malayalam-speaking contact suggests that the fraudsters may have hired Keralites to trap local investors. Investigators also suspect that the name Daniel was fake and only used to mislead the victim.
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Was Capitalix Misused?
The online platform Capitalix, where the money was invested, is legally registered in the US and operates as a global stock trading service. However, investigators are unsure if the platform itself was directly part of the fraud or if its name was simply exploited by cybercriminals.
Police are exploring two possibilities: either Capitalix’s systems were cloned through fake websites and apps, tricking investors into believing they were trading on the original platform, or insiders within the company could have played a role in the fraud.
This uncertainty has complicated the investigation. If the company is proven innocent, it would mean that fraudsters have developed advanced ways of copying trusted brands to appear legitimate, making scams even harder to detect.
Public Alert Issued
After the fraud came to light, the Kerala Police issued a warning advising the public to stay cautious about online investment schemes that promise unusually high returns.
This case highlights how online scams are becoming more global, sophisticated, and dangerous, with fraudsters using local languages and popular brand names to win trust.