Saturday, March 29, 2025
India’s Biggest Digital Fraud: Retired Bank Officer Duped of ₹23 Crore Using Pahalgam Attack Pretext
New Delhi: In a shocking incident, a retired bank officer, Naresh Malhotra, has been defrauded of ₹22.92 crore in what is being described as the country’s largest-ever “digital arrest scam.” Cybercriminals carried out the fraud by scaring Malhotra with false links to the Pahalgam terror attack.
How the Fraud Unfolded
The scam began on August 1 and lasted for 47 days.
First Contact: Malhotra received a call from a woman posing as an Airtel employee. She claimed that multiple bank accounts had been opened in his name in Mumbai and were being used to launder ₹1,300 crore connected to the Pulwama terror attack.
Digital Arrest Threat: Soon after, fraudsters impersonating Mumbai Police and later Enforcement Directorate (ED) officials contacted him via video calls. They showed him a fake arrest warrant, a fabricated chargesheet, and even forged Supreme Court orders, warning that he was under investigation.
Money Transfers: Terrified by the threats, Malhotra shared complete details of his bank accounts, fixed deposits, and stock investments. On the pretext of investigation, the fraudsters made him transfer money in installments.
Intimidation: They threatened him with six months’ jail under the Prevention of Money Laundering Act if he disclosed the matter to anyone. Out of fear, Malhotra even kept it hidden from his family.
How the Scam Was Exposed
The fraud came to light when the criminals, using a forged Supreme Court order, demanded another ₹5 crore to be deposited with the Reserve Bank of India. At this point, Malhotra grew suspicious and decided to inform the police. After he approached authorities, the scammers cut all contact.
Police have since registered a case and managed to freeze nearly ₹2.5 crore of the defrauded amount. The investigation is ongoing.
