A retired banker from Delhi lost Rs 23 crore to cyber fraudsters posing as law enforcement. Delhi Police IFSO is investigating and has frozen Rs 2.67 crore so far.
A 78-year-old retired banker from Delhi lost his entire life savings, a staggering Rs 23 crore, after being trapped in a cyber fraud that lasted over a month. The scammers posed as officers from central law enforcement agencies, and kept the victim, Naresh Malhotra, under digital arrest, only allowing him to step out to visit banks and transfer money.
The ordeal began on August 1, when Malhotra received a phone call from a man claiming to represent a mobile service provider. The caller said Malhotra’s Aadhaar card had been used in Mumbai to obtain a mobile connection that was allegedly linked to terror funding.
“They told me that I needed to talk to the Mumbai Police regarding the same matter and if they approved, the connection would continue, or else it would be disconnected and the matter reported,” Malhotra told news agency PTI.
The call was then transferred to others who posed as Mumbai Police officers and insisted on continuing the conversation via WhatsApp.
“The moment I was connected with the police, they started pressuring me by saying that my Aadhaar had been used for terror funding, terror activities and many other serious offences,” he said.
He was warned not to disclose any details to family or friends, being told that doing so would implicate them as co-accused in terror-related charges. The fraudsters began by inquiring about his bank balance, PTI reported.
“They wanted to know how much money I had in my bank account. I told them I had almost Rs 14 lakh. They asked me to transfer the amount to their account, assuring me that it was only for verification,” he recounted.
Malhotra said each transfer was followed by fake RBI certificates sent to him via WhatsApp. He was told that a nodal officer from the RBI would contact him and the money would be returned.
Soon, the scammers started probing into his mutual funds, SIPs, and other investments. He was informed that these needed to be verified under Bombay High Court guidelines.
“They said they would first verify 25 per cent of my assets and then continue with the rest according to their system. They threatened me that if I didn’t comply, they would make my family members co-accused in terror cases,” the ex-banker told the outlet.
Fearing consequences, Malhotra visited three banks and liquidated investments, transferring the proceeds into various accounts as instructed. Each time, he received forged documents bearing RBI’s name and seal.
From August 1 to September 4, he was told not to leave home or speak to anyone, except when making bank visits.
On September 14, the scammers made another demand. They claimed the investigating officer of the Mumbai Police had been compromised by terrorists and asked Malhotra to deposit Rs 5 crore in the name of the Supreme Court Registrar into a private bank account in West Bengal.
“They told me this was the final step and that the Supreme Court was now monitoring the case. I refused to send the money and told them I would deposit the amount directly with the Supreme Court. I also said I would go to Hauz Khas Police Station and surrender,” Malhotra said.
The calls stopped abruptly after that. On September 19, realising the scam, Malhotra approached the police.
“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,” he said, holding back tears.
