Retired CA Duped of Rs 21 Crore in Fake Investment Scam, Police Freeze Part of Funds

A 70-year-old chartered accountant from Gwalior has allegedly lost more than Rs 21 crore in one of the region's biggest cyber investment frauds after being lured into a fake online scheme promising unusually high returns, police said on Sunday.

According to investigators, the victim was approached in the last week of December 2025 through WhatsApp by a woman claiming to be an investment adviser. She gradually built trust by encouraging small investments that appeared to generate impressive profits, convincing the retired professional that the opportunity was genuine.

Officials said the fraudsters later directed him to a fake investment portal , where fabricated account statements and inflated returns were displayed. Believing the figures to be authentic, the victim continued investing substantial amounts over the next six months.

When he eventually attempted to withdraw his money, the accused allegedly delayed the process with repeated excuses before demanding several crore rupees more as a prerequisite for releasing the funds. The demands raised suspicion, prompting the victim to approach the police.

Cyber Crime Branch Deputy Superintendent of Police Sanjeev Nayan Sharma said the complaint revealed that more than 100 transactions were carried out from four bank accounts belonging to the victim during the course of the fraud.

Police have so far frozen around Rs 1.75 crore and are tracking the bank accounts that received the transferred funds. Investigators are examining the money trail to identify those involved and determine whether the fraud was executed by a larger organised cybercrime network.

The complaint was registered by the victim, a resident of Inderganj in Gwalior. Authorities said further investigation is underway to identify all suspects and recover as much of the defrauded amount as possible.

Police have urged citizens to remain cautious of unsolicited investment offers circulated through messaging platforms, verify financial advisers before investing, and avoid transferring money solely on the basis of online promises of extraordinary returns or fabricated digital profit statements.