Retired MNC Director in Mumbai Falls Prey to Rs 25 Crore Cyber Fraud Scheme

Mumbai, 26th April 2024: A retired director of a multinational company (MNC) residing in Mumbai fell victim to a cyber fraud scheme, losing nearly Rs 25 crore to scammers posing as police and CBI officers, officials revealed on Thursday.

This incident marks one of the largest cyber frauds targeting an individual in recent times within the city, as stated by the police.

The retired MNC director from Mumbai liquidated her and her mother’s shares and mutual fund investments and even obtained a gold loan to comply with the demands of the fraudsters.

The fraudulent activities unfolded over two months, commencing on February 6 this year, according to a police official.

“The victim, a senior citizen residing in a western suburb, received a WhatsApp call purportedly from a telecom department official, who informed her of the impending deactivation of her three mobile numbers. Upon inquiry, the caller claimed to connect her with a police officer,” he explained.

Subsequently, a person posing as a police officer informed her of a money laundering complaint against her, linking her mobile numbers and Aadhaar card to the alleged case.

“Another individual, masquerading as a CBI officer, intensified the threat by pressuring her to deposit money into specified bank accounts to resolve the case. Assurances were given that the funds would be reimbursed,” the police official continued.

The fraudsters also established a current account in the victim’s name and directed her to transfer funds, claiming they would be routed to the Reserve Bank of India (RBI). Additionally, she was instructed to obtain a payment receipt from the local police station.

Despite transferring approximately Rs 25 crore, the victim failed to retrieve her money. Consequently, she reported the incident to the Mumbai police, complaining about the unidentified fraudsters.

The Mumbai crime branch’s cyber police station initiated an investigation into the matter, having frozen 31 bank accounts thus far, the official added.