Mumbai Businessman Loses ₹58 Crore in ‘Digital Arrest’ Scam Linked to Recent Earnings

Mumbai: Just months after a 72-year-old businessman in Mumbai received ₹50 crore from liquidating his shares in a pharmaceutical company where he was a partner, he became the victim of one of India’s largest digital arrest cyber scams, losing ₹58 crore to fraudsters, according to sources.

Officials investigating the case told  that while the money was credited to his account earlier this year, the trouble began on August 19, when the businessman was first contacted via video call by scammers posing as law enforcement officials.

How the Scam Played Out

Over the next 40 days, the victim was coerced into visiting four of his bank accounts repeatedly for 27 days. Each day, he was instructed to transfer funds to multiple “mule accounts” set up by the scammers. To ensure compliance, the fraudsters monitored him through an active phone call, tracking his movements and intimidating him into following their demands.

An officer associated with the probe explained,

“The victim fell for the scam because he believed it was connected to the money he had received earlier this year.”

The elaborate scheme preyed on his trust, financial acumen, and the anxiety induced by the false claim of a legal investigation.

A Growing Threat: Digital Arrest Scams

Digital arrest scams are becoming increasingly sophisticated. Fraudsters pose as officials from agencies such as the Enforcement Directorate (ED) or Central Bureau of Investigation (CBI), intimidating victims with threats of legal action. Victims, often fearful for their safety and reputation, are manipulated into transferring large sums of money.

In this case, the scammers exploited the businessman’s recent financial gains, turning a legitimate windfall into a source of vulnerability.

Police Action

The Maharashtra Cyber Department is investigating the case and has already arrested three suspects in connection with the scam. Authorities are also tracing the mule accounts to recover as much of the defrauded money as possible.

A Cautionary Tale

This case underscores how even financially savvy individuals can be targeted and deceived. Cybercrime experts advise:

• Verify any claims of legal action directly with official agencies.

• Never share sensitive banking details over phone or video calls.

• Report suspicious contacts immediately to cybercrime authorities.

As scams grow more elaborate, vigilance and awareness remain the best defense.