Mumbai: A 78-year-old bhajan teacher from Malabar Hill fell victim to a ₹2.85 crore cyber fraud, where fraudsters promised to double his money through a senior citizen investment scheme. The fraudsters, posing as financial experts, convinced the elderly man to invest his savings, only to swindle him of a massive sum.
The South Cyber Regional Police Station has registered a case and launched an investigation into the matter. Police suspect that a well-organized cyber gang is behind the scam and are tracking digital footprints to identify the culprits.
According to Police, A 78-year-old bhajan teacher from Malabar Hill lost ₹2.85 crore over five years to cyber fraudsters who lured him with a fake Senior Citizen Investment Scheme. The South Region Cyber Police Station has registered a case on February 4 and started an investigation.
How the Fraud Unfolded: In 2019, The victim received his first call from someone posing as a representative of the Integrated Grievance Management System, offering a "Senior Citizen Scheme" where an investment of ₹30,000 would yield ₹1.5 lakh. Convinced, he invested lakhs of rupees.
In 2019, He received a letter via courier stating that his ₹43 lakh investment had grown to ₹95 lakh. On February 28, 2023 A new letter claimed that 5% income tax needed to be paid before withdrawing the amount. He paid the demanded sum.
On April 2024, Another letter from fraudsters, impersonating the Central Board of Direct Taxes (CBDT), claimed that an additional 12.5% tax was required. The victim complied. November 2024, He received a threatening call, stating that his bank deposits were suspicious and that he could be arrested unless he paid ₹45 lakh.
Later, a fake letter from Kandivali Police was sent, stating that his property would be seized and he would be arrested. Out of fear, he paid another ₹15 lakh. January 2025, The victim was informed via another letter that he would receive ₹4.5 crore soon. This time, he showed the letter to a former student, who identified the scam and took him to the Cyber Police Station.
The South Region Cyber Police has started a probe and is tracking digital trails to identify the fraudsters. Investigators suspect that an organized cybercrime syndicate systematically targeted the victim over the years, using forged documents, fraudulent calls, and fake government identities.
