How an ex-MD of multinational firm lost Rs 4.8 crore to online fraudsters

A 67-year-old former managing director of a multinational company in Thane has reportedly fallen victim to an online fraud, losing a staggering Rs 4.80 crore. The Thane crime branch has revealed that the fraudsters, posing as officials from central agencies, accused the victim of involvement in drug trafficking and threatened police action against him. The victim was coerced into divulging his confidential bank details, which the fraudsters then used to siphon off the money. The incident came to light when an FIR was registered by the Thane police's cyber cell against three individuals.

According to the complaint, the victim received a call from the accused who claimed to have intercepted a parcel containing illegal items, including MDMA, passports, and credit cards, en-route to Taiwan. To further convince the victim, the fraudsters had his personal information, including his Aadhaar card number. They also informed him of an alleged case registered against him at the Andheri police station in Mumbai, threatening him with arrest warrants and legal consequences related to money laundering and drug peddling.

Under the guise of investigation, the fraudsters instructed the victim to download a video calling application, assuring him that an officer would look into the matter. Posing as officials from central agencies with fabricated logos, they coerced the victim into sharing sensitive information such as bank account details, debit card numbers, and CVV. The victim also shared details of his property transactions in Pune and Murbad.


The next day, the fraudsters accused the victim of engaging in illegal transactions and claimed that both the Reserve Bank of India (RBI) and a private bank had suspicions about his activities. They then asked him to transfer Rs 1 crore to his wife's account, which he did. However, upon consulting his son based in the UK, the victim realized that he had been cheated.

An investigation revealed that a total of Rs 4.80 crore had been siphoned off from the victim's account. Based on the victim's complaint, an FIR was registered against the accused under relevant provisions of the Indian Penal Code and the Information Technology Act.