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In one of Mumbai’s greatest cyber scams, 75-year-old retired ship Captain Zhakshis Kosa Wadia lost ₹11.16 crore after being duped by a fraudulent investing software that promised high returns. The app reported increasing profits until a strange tax demand exposed the scam.
During a preliminary police investigation, it was discovered that the company’s bank accounts, into which the complainant was forced to deposit money for investment purposes, were held by multiple individuals. Currently tracing the money trail through 22 accounts associated with the fraud.
In August 2024, a complainant was added to a WhatsApp group by Anya Smith, a prominent financial services company, and asked for investment in the share market. The complainant agreed, and Smith then shared a link to the company’s trading app. The complainant was instructed to send money to various bank accounts to invest in the stock recommended by Smith and her associates.
Know How Rs 11 Crore Cyber Fraud Happed with 75 year old Retired Ship Captain
As instructed by the accused, the complainant transferred Rs 11,16 crore to several bank accounts in 22 transactions between September 5 and October 19. The complainant didn’t raise any red flags throughout these transactions since he could see on the company’s app that both the profit from the investment and the money being credited to his account were happening.
After that, The complainant was pleased to notice a sizable profit in his trading company app account. He attempted to withdraw the earnings, but his request was turned down. He then got in touch with Smith to ask for help taking his profit out.
Smith told him that he would have to pay 20% service tax on the entire amount, but asked him to pay more money towards other charges to withdraw money online.
At this point he took this thing as fishy and can’t resist himself into to clear his doubts and he make a complaint, the complainant went to the head office of the financial services company and was shocked to be informed that he had invested money in a fraud company.
After filing a complaint, the South region cyber police registered a case under relevant sections of the Indian Penal Code (Renamed as Bhartiya Naya Sanhita) BNS and Information Technology Act against two unknown fraudsters and officials initiated an investigation of this matter.
Digital Arrest: In April of this year, a senior man from Mumbai’s western suburbs was tricked out of roughly Rs 25 crore using the digital arrest cyber fraud approach in which they usually traumatized target online to make fraud online. So, in this matter fraudsters posing as CBI personnel pressured the elderly woman, tricking her into placing her life resources in bank accounts under the pretence of a refundable verification procedure.
The cops were only able to save approximately Rs 5 lakh since she approached them too late.
