Bengaluru techie couple loses ₹1.53 crore in investment scam, cops recover ₹1.4 crore: Report

The east division cybercrime police have successfully recovered ₹1.4 crore of the ₹1.53 crore stolen from a software engineer couple in Banaswadi.

In an exceptional breakthrough, the east division cybercrime police in Bengaluru have dismantled an online investment scam and recovered ₹1.4 crore out of ₹1.53 crore stolen from a Banaswadi-based software engineer couple earlier this year, The Hindu reported.

So far this year, out of over 600 cases registered at the east CEN police station, 45 per cent have involved investment scams. (HT Photo)

The perpetrators, operating from the U.K., used hundreds of mule accounts rented from laborers in north India to deceive 44-year-old Neha (name changed) and 45-year-old Lokesh (name changed).

They were enticed via social media with promises of high returns on investment, leading Neha to transfer ₹1.53 crore. The fraudsters had even provided a fake website to monitor the investment's growth, the report noted.

After a few months, when the couple sought to withdraw some funds, they were blocked from accessing the website. A complaint led Inspector Umesh Kumar and his team to track the funds across approximately 50 mule accounts, working closely with banks to block them to facilitate the recovery, the publication stated.

Inspector Kumar explained that the success of such cases relies on tracking financial transactions, blocking fraudulent accounts, timely information from the complainant, and swift complaint registration. Effective coordination with bank officials is also crucial for quick resolutions, he added.

So far this year, out of over 600 cases registered at the east CEN police station, 45 per cent have involved investment scams. The team has resolved 45 such cases and maximized recoveries. The recovered funds were returned to the victims following court approval. A DCP also spoke to the publication and said the cybercrime team recovered ₹61 lakh in two separate cases in the second week of July alone.

A senior police officer emphasized that the most significant success in cybercrime investigations is the maximum recovery of stolen funds.