Navi Mumbai Senior Citizen Defrauded of Rs 4 Crore in Elaborate Online Gold Trading Scam
In a distressing case of cyber fraud, a 68-year-old retired civil engineer residing in Nerul, Navi Mumbai, has been cheated of a staggering Rs 4 crore in an online gold trading scam. The sophisticated operation was orchestrated by a gang of cyber fraudsters who enticed the victim with promises of exceptionally high returns on his investment.
Timeline of the Fraudulent Scheme
The fraudulent activities unfolded over a significant period, commencing in February last year and continuing until November. The victim, who had placed his trust in the cyber criminals, gradually transferred a total of Rs 4,00,23,630 into various bank accounts provided by the fraudsters for the purported gold trading.
Modus Operandi of the Cyber Criminals
Senior Police Inspector Vishal Patil provided detailed insights into how the scam was executed. The complainant was initially contacted on Instagram from an account identified as 'CMC Global CS'. The individual behind this profile assured the victim of lucrative returns through online gold trading investments.
"The complainant stated that he was contacted on Instagram from the ID 'CMC Global CS', and the person assured high returns on investment in online gold trading," SI Patil explained. "The complainant claimed that between February 3 and November 22 last year, he gradually transferred the substantial amount into different bank accounts provided to him for trading."
Investigation Reveals Critical Details
Upon scrutinizing the bank transaction records, investigators discovered a crucial discrepancy. While the victim reported transfers spanning several months, the actual financial transactions occurred only between February and April. This timeline mismatch has become a focal point in the ongoing investigation.
International Dimension and Police Complaint
The fraudsters had cleverly claimed that their trading firm was UK-based, adding an international veneer to their scheme. When the victim realized he had been cheated, he attempted to seek justice by emailing a complaint to the UK police. Unfortunately, this effort proved futile as the trading firm was not genuinely based in the United Kingdom, and consequently, he received no response from the UK authorities.
FIR Registration and Legal Action
Following the unsuccessful international complaint, the victim formally registered a First Information Report (FIR) at the Navi Mumbai Cyber Police Station on Thursday. The cyber fraud gang has been booked under multiple sections of the Bharatiya Nyaya Sanhita, including:
- Cheating and dishonestly inducing delivery of property
- Cheating by impersonation
- Common intention
Additionally, charges have been invoked under the Information Technology Act for cheating by impersonation using computer resources.
Recovery Efforts and Challenges
SI Patil outlined the immediate steps taken by law enforcement: "We have initiated the process of freezing the bank accounts where the complainant transferred the money. However, there is a possibility that the cyber fraudsters already withdrew the money, as the complainant was defrauded almost 1 year ago."
This time lag presents significant challenges in recovering the stolen funds, highlighting the sophisticated nature of the scam and the difficulties in tracing cyber criminals who often operate across jurisdictions.
Broader Implications for Online Investors
This case serves as a stark reminder of the risks associated with online investment schemes, particularly those promising unusually high returns. Senior citizens, who may be less familiar with digital platforms, are increasingly becoming targets for such sophisticated cyber fraud operations.
The Navi Mumbai Cyber Police have emphasized the importance of verifying the credentials of online trading platforms and exercising extreme caution when approached through social media platforms with investment opportunities.
