Mumbai Businessman, 73, Loses Over Rs 3 Crore In Online Fraud: Cops

A garment unit owner has been arrested after a 73-year-old businessman from Mumbai fell prey to an online investment fraud and ended up losing Rs 3.61 crore, police said on Wednesday.

The Cyber Police have so far frozen an amount of Rs 2.20 crore and 330 bank accounts, an official said.

The alleged transactions took place between May 20 and October 7 last year after the businessman was contacted by three persons, including two women, online who lured him into investing in a scheme by promising hefty returns, the official said.

"They also created a WhatsApp group, made an online agreement with the businessman, and sent it to his email ID. The agreement mentioning the returns on the investments was shared in the group to gain the trust of the businessman," he said.

The victim invested Rs 3.61 crore. As he didn't get any returns on his investment, he approached the West Region Cyber Police Station in Bandra Kurla Complex (BKC) and lodged a complaint.

The name of the garment unit owner, Ketab Ali Kabil Biswas, came to the fore during the investigation and he was arrested on charges of cheating and forgery under the Indian Penal Code and the Information Technology Act on Monday.

"During the investigation, the cyber police froze Rs 2.20 crore which had been diverted into two bank accounts. Prima facie, as many as 330 bank accounts used by fraudsters have also been frozen," the official added.

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