Retired Ship Captain Loses ₹11.16 Crore in a huge Cyber Scam of 2024 in India

 



In a significant case of cyber fraud, a 75-year-old retired ship captain from Colaba, Mumbai, fell victim to a share trading scam, losing ₹11.16 crore. The South Region Cyber Police have registered a case and launched an investigation into what is now considered Mumbai’s second-largest cyber fraud of the year.


Fraud Initiated via WhatsApp Group


The scam began on August 19, 2024, when the complainant, a seasoned stock market investor, was added to a WhatsApp group that falsely appeared to belong to a well-known financial services company. A woman identifying herself as Anya Smith shared investment opportunities in the group, encouraging members to participate in a supposedly lucrative share trading platform. Convinced by the group’s credible appearance, the complainant expressed interest.


Smith subsequently added him to another group and provided a link to download a trading app. Through this app, Smith and her associates shared information about various trading options, including institutional account trading, IPOs, and over-the-counter (OTC) trades.


Transactions Raise Suspicions


Over six weeks, between September 5 and October 19, the complainant transferred ₹11.16 crore in 22 transactions to multiple bank accounts as instructed by Smith and her team. Although he became suspicious of the numerous accounts, Smith reassured him that this method was employed to minimize taxes.


The complainant was initially at ease, as the app displayed credits to his account along with significant profits from the investments. However, trouble arose when he attempted to withdraw his earnings.


Withdrawal Obstructions


Requests to withdraw funds were repeatedly denied. Smith claimed a 20% service tax had to be paid to process the withdrawal. Even after the complainant paid this amount, he was asked for additional fees under different pretexts. At this point, he began to suspect foul play.


To clarify the matter, the complainant visited the financial services company’s head office, where he discovered he had been dealing with a fraudulent platform.


Police Investigation Underway


Following his shocking discovery, the retired captain lodged a complaint with the South Region Cyber Police. A case has been registered under relevant sections of the Indian Penal Code and the Information Technology Act against two unidentified fraudsters.


Preliminary investigations revealed that the funds had been deposited into accounts across multiple banks, including UCO Bank, ICICI Bank, Canara Bank, Bandhan Bank, Bank of Maharashtra, and Catholic Syrian Bank. The accounts were linked to individuals in cities such as Bhopal, Nagpur, Surat, Hyderabad, and Jaipur. Authorities are currently seeking detailed beneficiary information from these banks.


This incident highlights the growing sophistication of cyber fraud and serves as a cautionary tale for investors to remain vigilant against such scams.


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