Cybercriminals defraud Indian professionals of crores in separate scams

Two major financial fraud incidents have been reported in India, targeting high-net-worth individuals through sophisticated cybercrime tactics.

In Coimbatore, a 75-year-old industrialist was defrauded of Rs 5.5 crore through a ‘digital arrest’ scam. Fraudsters posing as Mumbai police officers contacted the victim, claiming his bank accounts were linked to terrorist funding. They coerced him into staying at his residence and transferring funds for ‘verification’ under the threat of imminent arrest. The scam was discovered after bank officials grew suspicious of the victim's large, nervous withdrawals.

In Bengaluru, a 50-year-old surgeon lost Rs 4.47 crore in a cryptocurrency investment scam. The victim was lured via WhatsApp by individuals promising high returns through a fake trading platform. After seeing fictitious profits on the platform, the doctor invested increasingly larger sums. The fraud was uncovered when the victim attempted to withdraw his funds and was instead asked to pay additional fees for taxes and processing charges.