70-Year-Old Retired Officer Loses Life Savings in ₹4.71 Crore Online Scam — Two Arrested in Navi Mumbai

Navi Mumbai: What began as a hopeful attempt to grow his savings for retirement turned into a nightmare for a 70-year-old former Mantralaya officer, who was duped of a staggering ₹4.71 crore in a sophisticated online investment scam.

The Cyber Police in Navi Mumbai have arrested two young men — aged just 27 and 22 — for allegedly orchestrating the fraud by promising high returns through IPO and Index Trading schemes. For over three months, the victim, who trusted the system and believed he was securing his future, unknowingly transferred his hard-earned money into multiple bank accounts controlled by the accused.

How the Scam Unfolded

According to police reports, the deception took place between November 30, 2024, and March 5, 2025. The fraudsters skillfully built trust with the senior citizen, posing as financial advisors and guiding him through “investment opportunities” that seemed both lucrative and legitimate.

One transfer led to another, and before he realized it, nearly ₹5 crore of his lifetime earnings had vanished.

Young Accused, Big Crime

After the complaint was lodged, the cyber investigation team — led by Senior Police Inspector Gajanan Kadam and Assistant Police Inspector Rohit Bandgar — traced the digital footprints and financial trails that led to the suspects.

• Vikas Prakash Gawhane (27), an estate agent from Karanjade, was the first to be arrested.

• His interrogation led to Manoj Vishnu Kalapad (22), a BA graduate from Malegaon in Washim district.

Investigators revealed that the accused had opened a bank account in Panvel under the name “Mahadev Construction” solely to receive scam funds. Shockingly, police suspect that Kalapad has cheated multiple other people in rural areas using similar tactics.

“We are verifying more complaints linked to the accused. Another suspect involved in the scam is still on the run,”
said PI Kadam.

Both accused were arrested on Saturday and have been remanded to four days of police custody.

A Larger Warning for All

Beyond the arrests, this case reflects a deeper concern — online fraud is no longer limited to tech-savvy criminals targeting the naive. Scammers today are strategists who leverage trust, greed, and fear. This incident also highlights the vulnerability of senior citizens navigating the digital financial world without adequate safeguards.

For the elderly victim, this wasn’t just money — it was decades of sacrifice, savings, and security.

What We Can Learn

• Verify before you invest. No legitimate investment guarantees high returns in a short time.

• Do not transfer money to personal or unfamiliar bank accounts.

• Discuss major financial decisions with family members.

• Report any suspicious messages or investment offers immediately to cyber authorities.

As police continue their investigation, there is hope that more culprits will be caught and the victim may recover part of his loss. But this incident serves as a crucial reminder — in the digital age, awareness is the first line of defense.