Chartered Accountant Loses Over ₹21 Crore in Fake Online Investment Scam

A 70-year-old Chartered Accountant from Gwalior, Madhya Pradesh, has allegedly lost more than ₹21 crore in a sophisticated online investment scam after cyber fraudsters lured him with promises of high returns through a fake investment platform.

According to police officials, the fraud continued for nearly six months, during which the victim transferred over ₹21 crore through more than 100 transactions from four different bank accounts. The cybercrime branch has reportedly managed to freeze approximately ₹1.75 crore so far and is tracing the various bank accounts to which the funds were transferred.

The victim, a resident of the Inderganj area of Gwalior, approached the cybercrime branch after realising that he had been deceived, following which an investigation was initiated.

Fraud Began Through WhatsApp Contact

The alleged scam began in the last week of December 2025, when a woman contacted the Chartered Accountant through WhatsApp while posing as an investment adviser.

According to Deputy Superintendent of Police Sanjeev Nayan Sharma, the fraudsters initially gained the victim's confidence by apparently showing attractive returns on relatively small investments.

They subsequently created a fake online investment portal that displayed fictitious profits, making it appear that the victim's investments were generating substantial returns.

Believing the displayed returns to be genuine, the Chartered Accountant continued investing larger amounts and eventually transferred more than ₹21 crore over approximately six months.

Fraud Exposed When Victim Tried to Withdraw Money

The alleged fraud came to light when the victim attempted to withdraw his invested money and supposed profits. Instead of allowing the withdrawal, the fraudsters allegedly began making excuses and subsequently demanded several crores of rupees more as a condition for releasing the funds.

Realising that he had been cheated, the victim filed a complaint with the cybercrime branch.

As per the complaint, the funds were transferred through more than 100 transactions from four bank accounts belonging to the victim. Police are now investigating the money trail and identifying the accounts and individuals involved in the alleged fraud.

₹1.75 Crore Frozen So Far

Police have reportedly succeeded in freezing around ₹1.75 crore connected with the fraudulent transactions. Further investigation is underway to trace the remaining funds and identify those behind the scam.

The case once again highlights the growing threat of online investment frauds in which scammers use WhatsApp, fake advisers, fraudulent trading platforms and fictitious profit dashboards to gain the confidence of victims before inducing them to invest substantial sums of money. CA Sansaar