In a major cybercrime incident that has rattled the local community, a 68-year-old retired civil engineer from Nerul, Navi Mumbai was cheated of approximately ₹4.38 crore in an online gold trading fraud, officials from the Navi Mumbai Cyber Police Station said.
The victim was lured into trusting fraudsters operating a fake gold trading platform, ultimately transferring large sums to accounts controlled by the scammers over several months. An FIR has been registered, and investigators are now working to trace the accused and recover the lost funds.
Certified Cyber Crime Investigator Course Launched by Centre for Police Technology
How the Fraud Began
According to the police, the victim first made contact with the alleged scammers through Instagram, where he was approached by an account from “CMC Global CS”, which promised high returns through online gold trading.
The fraudsters claimed their trading firm was based in the United Kingdom and showed convincing screenshots and promises of profit. Believing the operation was legitimate, the victim began transferring money into bank accounts provided by the scammers.
Between February 3 and November 22 of the previous year, he transferred a total of approximately ₹4,00,23,630 (about ₹4.00 crore) into multiple accounts for trading and investments.
Fake UK Base and Delayed Response
After realizing that no profits were being earned and suspicion grew that the scheme was a sham, the victim emailed a complaint to the UK police, because the fraudsters claimed their operation was UK-based. However, he did not receive any response, and it later emerged that the firm was not actually based in the UK.
With mounting concern and no communication from the supposed foreign authorities, the victim finally approached the Navi Mumbai Cyber Police and lodged a formal FIR on January 22, 2026.
Police Investigation and Charges
Senior Police Inspector Vishal Patil of the Navi Mumbai Cyber Police Station confirmed that an FIR has been registered against unknown persons. The case includes offences under various provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act, 2000, including cheating, dishonestly inducing delivery of property, cheating by impersonation, forgery, and common intention.
Investigators have begun the process to freeze the bank accounts to which the victim transferred his money, but they also acknowledge that the fraudsters may have already withdrawn substantial amounts.
Digital forensics teams are now tracing the transaction trail, communication patterns, IP addresses and device IDs linked to the accused. Police are also analysing whether more victims exist and if the scam network operates beyond Navi Mumbai.
Warnings to the Public
Cybercrime experts and police have issued repeated public warnings about platforms promising high returns with minimal risk. These scams often use professional-sounding names, foreign links and bolstered legitimacy through fake screenshots to persuade victims to invest.
Authorities stress that no reputable financial institution guarantees unrealistic returns and advise investors to verify the credentials of trading platforms through official financial and regulatory bodies before making any transfers. They also urge people to report suspicious communications through official police channels or the National Cyber Crime Reporting Portal.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
