Cyber police in Navi Mumbai have arrested a habitual cyber fraudster accused of cheating a retired civil engineer of more than ₹4 crore by luring him into a fake gold trading investment scheme, exposing yet another large-scale fraud targeting senior citizens with promises of extraordinary returns.
The accused, identified as Kalpesh Kamalakar Shitap, was arrested following a technical investigation from the Chandanwadi area in Thane on January 28. Investigators said the arrest came after months of digital tracking of bank accounts, mobile numbers and transaction trails linked to the fraud.
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The case pertains to a 68-year-old retired civil engineer residing in Nerul, who was approached by members of a cyber gang offering lucrative profits through gold trading. According to the complaint, the fraudsters gradually built trust before persuading the victim to transfer money into multiple bank accounts under the guise of investment.
Between February and November 2025, the victim transferred ₹4 crore and an additional ₹23,000, believing the funds were being invested in gold trading platforms that would generate high returns. When the promised profits failed to materialise and communication with the alleged traders became erratic, the victim realised he had been defrauded and approached the cyber police station to lodge a complaint.
Money routed through multiple accounts
Investigators said the fraudsters used a layered banking structure to siphon off the money, directing the victim to transfer funds into different accounts to avoid detection. A detailed analysis of bank statements and call data records helped police trace the digital footprint of the accused.
During interrogation, it emerged that Shitap and his associates had opened multiple fake bank accounts across different banks to divert the defrauded funds. These accounts were allegedly used as part of a larger network to receive and move money obtained from cyber frauds.
Police officials said Shitap acted as a key conduit in the operation, receiving commissions for allowing fraudulent funds to pass through accounts linked to him. Further inquiry revealed that he also worked as a real estate agent, a role investigators believe may have helped him project legitimacy while operating within cybercrime networks.
Links to cyber frauds across India
A deeper background check revealed that the accused has a long history of involvement in cybercrime cases spread across at least 17 states. Police said this pattern suggests the operation was not an isolated incident but part of a wider, organised fraud network targeting victims across the country.
Authorities are now examining whether the accused played a central role in similar scams involving fake investment platforms, impersonation, and digital trading schemes. Efforts are underway to identify other members of the gang and trace the full extent of the financial losses suffered by victims in different states.
Investigators are also coordinating with banks to scrutinise suspicious accounts and identify potential “mule accounts” used to launder money obtained through cyber fraud.
Growing threat to senior citizens
The case has once again highlighted the vulnerability of senior citizens to cyber frauds involving investment schemes. Police officials noted that fraudsters often exploit limited familiarity with digital platforms and the desire for secure post-retirement income to lure victims into such traps.
Cybercrime experts have repeatedly warned that legitimate gold trading or investment platforms do not guarantee fixed or unusually high returns, nor do they require investors to transfer money to personal or multiple third-party accounts.
Police appeal for caution
Police have urged citizens, particularly senior residents, to exercise extreme caution while responding to unsolicited investment offers received through phone calls, messaging apps or social media. They have advised investors to verify platforms through official regulatory channels and consult family members or financial advisors before transferring large sums.
Authorities have reiterated that any suspected cyber fraud should be immediately reported to the national cybercrime helpline number 1930 or the online reporting portal, as early reporting improves the chances of freezing transactions and recovering funds.
With cyber fraudsters increasingly adopting sophisticated methods and operating across state boundaries, police said coordinated efforts between banks, telecom providers and law enforcement agencies remain crucial to dismantling such networks and preventing further losses.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
