Rs 58 cr 'digital arrest' case: International network linked to China

The Maharashtra Cyber Department probing a Rs 58 crore digital arrest fraud case in Mumbai has found an international network with links extending to Hong Kong China and Indonesia an official said reported news agency PTIIn one of Indias biggest reported digital arrest scams cyber fraudsters siphoned off Rs 58 crore from a Mumbaibased businessman by posing as Central Bureau of Investigation CBI and Enforcement Directorate ED officials between August 19 to October 8 this year reported PTIThe entire racket operated through cryptocurrency transactions with the stolen funds routed abroad via multiple crypto wallets the official said on TuesdayThe cyber department has found an international network with links extending to Hong Kong China and Indonesia in the Rs 58 crore digital arrest case he said reported PTIInvestigators found that the gang worked through a series of commissionbased bank accountsThe fraud came to light after the businessman filed a complaint stating he had received a phone call from someone claiming to be a CBI officer The caller intimidated him into joining a video call under the guise of an official inquiry and over several hours managed to siphon off Rs 58 crore from his accountsDuring the investigation the cyber police found it was not an isolated case but part of a large international syndicate that has been targeting Indian citizens for more than a year the official saidOfficials estimate that scams of this nature may have collectively generated more than Rs 2000 crore exploiting victims across India through digital arrest tactics and cryptocurrency manipulation he added reported PTIDigital arrest is a growing form of cybercrime in which fraudsters pose as law enforcement officials or personnel of government agencies and intimidate victims through audiovideo calls They hold the victims hostage and put pressure on them to pay moneyMaharashtra Cyber is a nodal agency for cybersecurity and cyber investigation for the stateIT professional duped of Rs 357 lakh in online trading scamIn another case a 40yearold IT professional was cheated of Rs 357 lakh in an online stock trading scam the cyber police said on Saturday reported PTIAs per the complainant a childhood friend introduced him to an online trading app and a trading group promising lucrative returns through stock tradingThrough the group he came in contact with a woman named Devanshi Parekh who gave him trading tips and persuaded him to transfer money to various bank accounts for buying stocks he saidThe app he had downloaded showed that he had made large profits When he tried to withdraw his earnings earlier this week he was told the funds would be credited within a few days but the money never arrived the complaint said reported PTIWhen he contacted Parekh she claimed his trading account had been frozen and demanded another Rs 5 lakh to reactivate it The complainant then realised that he had been duped and approached the East Region Cyber Police reported PTIA First Information Report FIR was registered against Devanshi Parekh Vinit Maheshwari the creators of the app along with the holders of the bank accounts used in the fraud Further investigation is underway the official added reported PTIWith inputs from PTI