Duped In The Name Of Law, Trapped In His Own Home — Ex-Banker Loses ₹23 Crore In 30-Day Cyber Scam

New Delhi: Naresh Malhotra, a 78-year-old retired banker living in Delhi, lost his life savings of Rs 23 crore in a sophisticated month-long cyber scam. The fraudsters trapped him using fear, lies, and technology, pretending to be top law enforcement officials.

It All Started with a Phone Call

On August 1, Malhotra received a call from someone pretending to be from a mobile company. The caller told him his Aadhaar card was used to activate a phone number in Mumbai connected to terror funding. The call was then transferred to a person claiming to be a Mumbai Police officer.

The Fear Game Begins

Once connected with the 'police,' the pressure began. They told Malhotra that his Aadhaar was linked to terror activities. The scammers shifted the conversation to WhatsApp and demanded to know how much money he had. When he said Rs 14 lakh, they told him to transfer it for 'verification' purposes.

They assured him the money would be returned after verification. However, the scammers kept asking for more, claiming that each step was part of a legal investigation and monitored by the Supreme Court.

‘Digital Arrest’ and Isolation

During the fraud, Malhotra was kept under what is now being called a 'digital arrest.' He was forced to stay home and only allowed to leave to visit banks to withdraw and transfer money to the scammers. They threatened to involve his family in terror cases if he didn’t cooperate.

He followed their instructions for a whole month, from August 4 to September 4, out of fear.

Realisation and Reporting the Crime

On September 19, Malhotra finally realised he had been cheated and went to the police. He told them that he wanted to deposit the money with the Supreme Court directly, and even considered surrendering himself at a local police station when he became suspicious.

He said, 'I spent my life savings building security for my old age. In one month, it all disappeared because I trusted the wrong people. I hope my story serves as a warning.'

Investigation Underway, Partial Recovery Made

The Intelligence Fusion & Strategic Operations (IFSO) unit of Delhi Police is now investigating the case. So far, they have managed to freeze Rs 2.67 crore across multiple accounts.

An officer said the money was moved through more than 4,000 bank accounts to avoid tracking. The police are confident they will soon arrest the culprits.