The Maharashtra Cyber Department probing a Rs 58 crore “digital arrest” fraud case in Mumbai has found an international network with links extending to Hong Kong, China and Indonesia, an official said, reported news agency PTI.

In one of India`s biggest reported `digital arrest` scams, cyber fraudsters siphoned off Rs 58 crore from a Mumbai-based businessman by posing as Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) officials between August 19 to October 8 this year, reported PTI.

The entire racket operated through cryptocurrency transactions with the stolen funds routed abroad via multiple crypto wallets, the official said on Tuesday.

“The cyber department has found an international network with links extending to Hong Kong, China and Indonesia” in the Rs 58 crore “digital arrest” case, he said, reported PTI.

Investigators found that the gang worked through a series of commission-based bank accounts.

The fraud came to light after the businessman filed a complaint, stating he had received a phone call from someone claiming to be a CBI officer. The caller intimidated him into joining a video call under the guise of an official inquiry and, over several hours, managed to siphon off Rs 58 crore from his accounts.

During the investigation, the cyber police found it was not an isolated case, but part of a large international syndicate that has been targeting Indian citizens for more than a year, the official said.

Officials estimate that scams of this nature may have collectively generated more than Rs 2,000 crore, exploiting victims across India through “digital arrest” tactics and cryptocurrency manipulation, he added, reported PTI.

`Digital arrest` is a growing form of cybercrime in which fraudsters pose as law enforcement officials or personnel of government agencies and intimidate victims through audio/video calls. They hold the victims hostage and put pressure on them to pay money.

Maharashtra Cyber is a nodal agency for cybersecurity and cyber investigation for the state.

IT professional duped of Rs 35.7 lakh in online trading scam

In another case, a 40-year-old IT professional was cheated of Rs 35.7 lakh in an online stock trading scam, the cyber police said on Saturday, reported PTI.

As per the complainant, a childhood friend introduced him to an online trading app and a trading group, promising lucrative returns through stock trading.

Through the group he came in contact with a woman named Devanshi Parekh who gave him trading tips and persuaded him to transfer money to various bank accounts for buying stocks, he said.

The app he had downloaded showed that he had made large profits. When he tried to withdraw his earnings earlier this week, he was told the funds would be credited within a few days, but the money never arrived, the complaint said, reported PTI.

When he contacted Parekh, she claimed his trading account had been frozen and demanded another Rs 5 lakh to reactivate it. The complainant then realised that he had been duped, and approached the East Region Cyber Police, reported PTI.

A First Information Report (FIR) was registered against Devanshi Parekh, Vinit Maheshwari, the creators of the app along with the holders of the bank accounts used in the fraud. Further investigation is underway, the official added, reported PTI.

(With inputs from PTI)

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