Cyber police arrest four in elaborate investment scam that lured victim abroad before duping him of crores.
Mumbai: In a first-of-its-kind fraud, a 62-year-old businessman from Mumbai was lured into travelling to Dubai by scammers who promised to “verify the safety” of his investments. By the time he realised the truth, he had already lost Rs 5.24 crore to the conmen, reported timesofindia.indiatimes.com.
According to the police, the businessman was targeted over nine months, beginning October 2024, when one of the accused introduced himself as a representative of a Dubai-based investment firm. The complainant was then connected to R. Menon (35), who posed as the firm’s director and assured him of 10% monthly returns and equivalent-value shares in his demat account.
The scammers staged profits, fake SEBI mails, and even summoned the victim to Dubai before vanishing with crores.
Initially investing Rs 10 lakh in November, the victim received Rs 90,000 as “profit” in December, further cementing his trust. He was also sent a fake SEBI email claiming shares had been transferred to his demat account. Over the next few months, his total investment swelled to Rs 5.24 crore.
In March, the victim was invited to Dubai to verify his funds. However, upon arrival, he discovered that the firm’s office did not exist. When contacted, Menon claimed to be in the US. Sensing fraud, the complainant demanded a refund, only to be deceived further with fake cheques, demand drafts, and forged documents from the I-T department and trading platforms.
Cyber police investigations revealed that the gang had previously duped over 30 victims across Mumbai, Pune, Bengaluru, Kerala, and Chennai in scams totalling Rs 65 crore. Menon, along with accused Manikandan (32), H. Pandi (38), and another associate, were arrested in Chennai.
A team led by DCP Purushottam Karad, senior inspector Suvarna Shinde, and sub-inspector Vijay Ghorpade seized luxury watches and documents from the accused. The case highlights the growing sophistication of cyber frauds that exploit investor trust through staged returns and international facades.
