₹23 crore gone in 30 days: How ex-banker was duped in ‘digital arrest’ as cyber fraudsters posed as ED, CBI officials

Naresh Malhotra, a 78-year-old retired banker in Delhi, lost his entire life savings worth ₹23 crore to cybercriminals before he finally refused to comply with their demands and cautioned he would go to the police. He was held under “digital arrest” for over a month. Ordeal began on August 4 when he received a call from a man claiming to be a Mumbai Police officer. It continued till September 4, after which the fraudsters stopped contacting him.

He was confined to his home and only allowed out to visit banks and withdraw money, which he was then forced to hand over to the fraudsters impersonating officers from the ED and CBI, PTI reported.

Malhotra got a call on August 1 from a man who said he was representing a mobile connection company. The caller informed him that his Aadhaar card had been used in Mumbai to activate a connection allegedly connected to terror funding cases.

“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,” he told PTI.

The call was then transferred to individuals pretending to be Mumbai Police officers, who 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,” former banker said.

He mentioned, “They wanted to know how much money I had in my bank account. I told them I had almost ₹14 lakh. They asked me to transfer the amount to their account, assuring me that it was only for verification. 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.”

“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 recounted.

Malhotra 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.”

‘We will crack the case soon and arrest those behind’ it

On September 19, after realising he had been scammed, Malhotra reported the incident to the police. The Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police, which focusses on cyber fraud cases, is probing the matter. The police stated they have successfully frozen ₹2.67 crore of the defrauded money across multiple bank accounts.

An officer who is familiar with the investigation said, “The money trail revealed that the funds were layered across multiple accounts and withdrawn from different parts of the country to evade detection. Over 4,000 layered accounts were used to siphon off the funds. We will crack the case soon and arrest those behind the scam.”