Bengaluru techie loses Rs 11cr in fake money laundering case: Here’s what happened

Scams are becoming more sophisticated, and anyone can fall prey if caught off guard. A Bengaluru-based tech professional, Vijay Kumar, learned this the hard way when he lost Rs 11 crore to fraudsters who posed as government officials and threatened him with arrest in a fake money laundering case.

The fraudsters discovered that Kumar had invested Rs 50 lakh in the stock market, which had grown to Rs 12 crore. Using this information, they built a convincing story, calling him and accusing him of being involved in illegal activities.

Claiming to be from the police, customs, and the Enforcement Directorate (ED), the scammers warned Kumar of immediate arrest if he didn’t cooperate. Kumar shared his personal information, including Aadhaar, PAN, and KYC details, to scammers.

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Over several months, they managed to syphon into nine bank accounts, claiming it was part of official procedures to clear his name. In total, they managed to steal Rs 11 crore.

After realising the fraud, Kumar approached the Cyber Crime police. The investigation revealed that Rs 7.5 crore was traced to a single bank account in Allahabad. Following this lead, the police tracked the money trail to Surat, where they found that part of the funds was used to purchase gold by one of the accused.

Also read: Delhi man loses Rs 9 lakh to fraudsters posing as electricity department officials

How to avoid such scams

• Verify claims: Always cross-check information with official government websites or offices.
• Avoid sharing personal data: Never share Aadhaar, PAN, or banking details over the phone.
• Stay calm under pressure: Scammers often create a sense of urgency. Take time to verify before acting.
• Report suspicious calls: If you suspect fraud, report it to the Cyber Crime department immediately.