Gwalior (MP), Jul 12 (PTI) A 70-year-old chartered accountant lost more than Rs 21 crore over six months to cyber fraudsters who allegedly lured him into investing in a fake scheme promising “high returns”, Gwalior Police said on Sunday.
Police have managed to freeze about Rs 1.75 crore so far and are tracing the bank accounts to which the money was transferred, an officer said.
The investigation stemmed from a complaint lodged by a resident of the Inderganj area of Gwalior.
Cyber Crime Branch Deputy Superintendent of Police Sanjeev Nayan Sharma said the fraud began in the last week of December 2025 when a woman contacted the complainant through WhatsApp, posing as an investment adviser.
She initially gained his confidence by showing returns on small investments before the fraudsters created a fake online investment portal that displayed fictitious profits, Sharma said.
Believing the returns to be genuine, the complainant invested more than Rs 21 crore over a period of six months. However, when he tried to withdraw the money, the fraudsters began making excuses and later demanded several crore rupees more to release the funds, the officer said.
According to the complaint, more than 100 transactions were carried out from four bank accounts of the victim.
Further investigation is underway. PTI COR LAL NSK
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