The man was confined to his home and was allowed to go out only to visit banks and transfer funds to the scammers, who posed as officers from the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI)
On August 1, the man received a call from a man claiming to represent a mobile connection company. Representational pic
A retired banker lost his entire life savings to a group of digital fraudsters, spending over a month under constant intimidation before his ordeal ended.
Seventy-eight-year-old Naresh Malhotra was confined to his home under what he described as a “digital arrest,” and was allowed to go out only to visit banks and transfer funds to the scammers, who posed as officers from the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), news agency PTI reported. By the time the scam ended, Malhotra had lost Rs 23 crore.
On August 1, Malhotra received a call from a man claiming to represent a mobile connection company. The caller alleged that his Aadhaar Card had been misused in Mumbai to obtain a connection linked to terror funding cases.
“They told me I needed to speak with the Mumbai Police, and if the authorities approved, the connection would continue; otherwise, it would be disconnected and the matter reported,” Malhotra told PTI.
The call was then diverted to individuals posing as Mumbai Police officers, who insisted on communicating via WhatsApp, PTI reported.
“They pressured me, claiming my Aadhaar was linked to terror funding, terror activities, and other serious offences,” he said. The imposters also warned him not to inform anyone, including his family, or they too would be treated as co-accused.
The scammers initially sought information about Malhotra’s savings.
“They asked how much I had in my bank accounts. I said around Rs 14 lakh. They told me to transfer it for ‘verification,’ assuring me it would be returned,” he recounted.
After each transfer, the fraudsters sent him forged certificates purporting to be from the Reserve Bank of India (RBI), PTI reported. As their demands grew, they asked about his mutual funds, systematic investment plans (SIPs), and other assets, claiming they were verifying them under Bombay High Court guidelines.
“They said they would verify 25 per cent of my assets first, then proceed with the rest. They threatened that my family would be named co-accused if I didn’t comply,” Malhotra said.
Under constant pressure, he visited three banks, liquidated his investments, and transferred the proceeds to accounts provided by the scammers. Each time, they issued more fake RBI certificates. Between August 1 and September 4, he was confined to his home, venturing out only for bank visits.
On September 14, the fraudsters claimed that the Mumbai Police officer investigating his case was compromised and demanded another Rs 5 crore, allegedly on behalf of the Supreme Court, to be deposited into a private bank in West Bengal. Malhotra refused, saying he would approach the police directly. After this, the calls abruptly stopped.
On September 19, Malhotra approached authorities, realising he had been defrauded. “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.
The Intelligence Fusion and Strategic Operations (IFSO) unit of Delhi Police, which handles cyber fraud cases, is investigating. Police have so far frozen Rs 2.67 crore in several accounts.
“The funds were layered across multiple accounts and withdrawn from different parts of the country to evade detection. Over 4,000 accounts were used to siphon off the money,” an officer privy to the investigation said. “We will crack the case soon and arrest those behind the scam.”
(With PTI inputs)
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