Retired IAS Officer Duped of Rs 3.37 Crore by Cyber Fraudsters Posing as Investment Experts

In a shocking case of cyber fraud, a 72-year-old retired IAS officer was allegedly cheated of Rs 3.37 crore by cybercriminals posing as representatives of reputed investment firms. The incident came to light after the victim lodged a complaint with the Telangana Cyber Security Bureau (TGCSB).

According to the complaint, the victim was first contacted through the “Dhani website,” where he began chatting with a woman named Arjun Mehta. She lured him into subscribing to mutual funds, IPOs, and options trading by promising high returns. Under her guidance, he opened a stock trading account and started investing.

Soon after, another individual named Arjun Ramesh Mehta approached him, claiming to be the Chief Investment Officer for strategy and planning. He convinced the victim that his IT team had developed AI-powered mutual funds and trading tools with a claimed 90% probability of a 10% gain. These so-called AI-based analytics were used to build trust and manipulate the victim into making heavy investments.

The fraudster maintained daily contact with the victim via WhatsApp, sending regular updates at 10 am, 2 pm, and 7:30 pm. These updates included detailed market trends and personalized trading tips, which further encouraged the victim to invest more.

However, when the retired officer expressed concerns about the platform’s high fees and withdrawal delays, the fraudsters escalated the scam. They falsely informed him, “Your total debt is around Rs 5.5 crore, but once you complete the final settlement and process the withdrawal, Rs 25.91 crore will be credited to your account and all your difficulties will be resolved instantly.”

Realizing he had been duped, the victim finally approached TGCSB and filed a formal complaint. The authorities have registered a case and launched an investigation into the cybercrime syndicate behind the scam.