Gwalior CA Defrauded of Rs 21 Crore in Fake Investment Scheme
In a cautionary tale of cyber fraud, a 70-year-old chartered accountant from Gwalior, Madhya Pradesh, lost over Rs 21 crore to scammers who ran a fake investment scheme over six months. The fraud, which began in December 2025, involved a woman posing as an investment adviser contacting the victim via WhatsApp.
The scammers initially gained the victim's trust by offering small returns on modest investments. They then created a fictitious online investment portal that showed false profits, convincing the victim to invest larger sums. Over the next six months, the chartered accountant made more than 100 transactions from four of his bank accounts, totalling over Rs 21 crore.
When the victim attempted to withdraw his money, the fraudsters made excuses and later demanded additional payments to release the funds. Realising he had been cheated, the victim filed a complaint with the cybercrime branch. Deputy Superintendent of Police Sanjeev Nayan Sharma said the police have frozen approximately Rs 1.75 crore and are tracing the bank accounts that received the stolen money.
Cyber frauds involving fake investment schemes have become increasingly prevalent in India. Experts recommend investors to be wary of unsolicited investment advice received through messaging apps and to only deal with registered financial advisors. The Reserve Bank of India and market regulator SEBI regularly issue warnings against such schemes.
