Mumbai Businessman Scammed of ₹5.24 Crore

Mumbai police have arrested four cyber fraudsters who allegedly swindled a 65-year-old businessman out of ₹5.24 crore by posing as executives of a fictitious Dubai-based investment company. The scam, which unraveled when the victim visited Dubai and discovered the company didn’t exist, is part of a larger racket that defrauded victims of over ₹65 crore across Bengaluru, Chennai, Mumbai, Pune, and Kerala.

The accused, identified as R. Menon (35), Manikandan (32), H. Pandi, and one other, were apprehended recently from various parts of India. According to a police official, the fraud began in October 2024 when the businessman, a resident of Mumbai’s western suburbs, received a call from a fraudster posing as an investment firm employee. The caller lured him with promises of 10% monthly returns and company shares, prompting the victim to invest ₹5.24 crore over four months.

Suspicion arose when the businessman noticed the payments were made to a personal bank account. The firm’s supposed director claimed the account belonged to an employee and assured the funds would be transferred to the company. In March 2025, the accused invited the victim to Dubai, where he discovered the company was nonexistent. When he demanded his money back, the fraudsters sent fake cheques and documents to stall him.

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The police investigation revealed the group’s sophisticated modus operandi, which they used to dupe multiple victims across states. Authorities are probing further to uncover additional victims and recover the defrauded funds, urging the public to verify investment opportunities to avoid falling prey to such scams.

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