Bengaluru's 75-year-old woman loses ₹2 crore to an investment scam promising high returns: Report

After paying a commission to withdraw her investment, she discovered the scam and reported it. Bengaluru Police are investigating the case amid rising scams.

Cybercriminals defrauded a 75-year-old Bengaluru woman of ₹2 crore by luring her with promises of high returns on stock market investments. The fraud took place between December 9, 2024, and January 31, 2025. In a further blow, the victim also paid a 15% commission in an attempt to withdraw her investment and alleged profits.

75-year-old senior citizen lost ₹crore in Bengaluru after falling prey to investment scam. (Representational Image/Pixabay)

According to a report in The Times of India, the victim, a resident of Cooke Town, filed a complaint with the East CEN Crime Police, stating that she was deceived by individuals identified as Girivasan Iyengar and Aisha Sithika, who posed as representatives of 'Hem Securities.' The duo convinced her to invest in online trading, guaranteeing assured returns.

Over multiple discussions, Iyengar, Sithika, and the so-called 'Hem Securities Customer Service' persuaded her to transfer ₹2 crore across various bank accounts. When she attempted to withdraw her funds on January 31, they demanded a 15% commission and additional transaction fees, claiming the amount would be released within two days.

Trusting their assurances, the victim transferred the required commission but was unable to contact them afterward. Realizing she had been duped, she reported the matter to the cybercrime helpline (1930) on February 3 and submitted her payment receipts. However, in a state of panic, she mistakenly included bank details of two unrelated individuals, leading to the freezing of three accounts.

Police later acted on her request and instructed banks to unfreeze the accounts of the innocent parties. A case has been registered under the Information Technology Act and relevant sections of the Bharatiya Nyaya Sanhita, and investigations are ongoing.

Bengaluru Police have been warning the residents of being mindful of such scams which have taken a steep rise in the recent times. Many scams wer unfolding where victim had lost crores of rupees to scamsters.