A shocking scam has left a 73-year-old retired banker loses Rs 23 Crore after fraudsters tricked him into believing he was under police investigation. The elderly man, a retired banker from Gulmohar Park in Delhi, fell victim to criminals pretending to be Mumbai Police officers.
The scam started on August 1, when a woman claiming to work for a telecom company called him. She claimed that he was using his mobile number for illegal activities and warned him that police would soon file a case against him. Consequently, the man felt anxious and worried.
Then, on August 4, the calls escalated. A man claiming to be a Mumbai Police officer accused him of involvement in a drug trafficking case. He added that the retired banker was under a ‘digital arrest’, a tactic that makes victims believe they are being arrested online. Because of this fear, the man followed their instructions without questioning them.
The scammers repeatedly told him to transfer money to multiple accounts, claiming it would resolve his “legal problems.” Meanwhile, they maintained pressure through continuous calls, making him feel trapped and helpless.
Experts explain that these scams exploit fear and trust. Especially among older adults who may not be familiar with modern digital trends. Furthermore, regions like Punjab have also reported a sharp increase in digital fraud, with losses exceeding Rs 1,000 crore in 2020 alone.
Reports show that India ranks high globally for financial fraud. On average, victims lose around Rs 50,000 per case. Scammers often target emotions, convincing victims that compliance is the only way to avoid legal trouble.
In this case, the retired banker complied with all instructions and transferred money under duress. The criminals took advantage of his age, trust in authority, and limited knowledge of digital transactions. Therefore, law enforcement warns that anyone can fall prey to such tactics.
Authorities recommend precautions: never trust unsolicited calls claiming legal trouble, avoid sharing personal or financial details, and always verify a caller’s identity with the official organization. Additionally, family members should help older adults recognize and resist scams.
Police across India, including Punjab, have intensified campaigns to educate citizens about digital fraud. They encourage reporting suspicious calls immediately, as early action can help track fraudsters and protect others.
The case of the 73-year-old retired banker loses Rs 23 Crore serves as a strong warning to all. Digital fraud can target anyone, regardless of age or experience. By staying informed, verifying information, and seeking advice when something seems suspicious, individuals can safeguard themselves and their families.
