Mumbai Tycoon Falls Victim to Record-Breaking Cyber Sting: Rs 58 Crore Vanishes in ‘Digital Arrest’ Ploy
MUMBAI: In what investigators are calling the largest cyber fraud of its kind, a 72-year-old stock trader here has been swindled out of Rs 58 crore by con artists masquerading as officials from the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI). The scammers placed the victim and his spouse under a so-called “digital arrest,” pressuring them with threats of legal action over fabricated money laundering charges, and extracting massive sums under the guise of investigative verification.
Law enforcement sources described the haul as unprecedented, noting it surpasses previous known cases where fear of prosecution led to such enormous payouts. Authorities have taken three suspects into custody, who allegedly fabricated official papers, staged video impersonations of government agents, and wielded bogus IDs to persuade the elderly entrepreneur that he faced imminent charges. Over a two-month span starting in August, the trio intimidated him into wiring money to a web of bank accounts. Each received Rs 25 lakh directly into their personal holdings, according to a high-ranking officer.
The ordeal began on August 19 when the man, whose identity remains protected, fielded calls from individuals posing as Subramaniam and Karan Sharma. Operating from various phone lines, they initiated WhatsApp video sessions, asserting affiliations with the CBI and allied bodies. Armed with forged paperwork and dire warnings of virtual detention, the fraudsters compelled the couple to dispatch funds via RTGS for “clearing the probe” in an invented laundering probe.
The Maharashtra cyber nodal unit pinpointed the perpetrators as Abdul Nasir Khulli, 47, from Pathanwadi in Malad; Arjun Kadwasara, 55, a steel merchant in Chira Bazaar; and his sibling Jetharam Kadwasara, 35, based on Bhadkamkar Road in Mumbai Central. From August 19 to October 8, 2025, the trader funneled a staggering Rs 58.13 crore to accounts dictated by the group. Realization dawned too late, by which point the cash had evaporated.
Traces revealed the money funneled through 18 accounts scattered across Maharashtra and beyond. A pivotal one was tied to Aircool Enterprises at a private lender, under Afreen Khulli—wife of Abdul Nasir—from which roughly Rs 25 lakh flowed to seven more conduits. Another Rs 24.95 lakh landed at Meghdoot Trading Company, connected to Arjun Kadwasara’s account at a Mazgaon branch bank, with Jetharam overseeing the outflows. Evidence points to Abdul Nasir coordinating under directives from Ankit Shah, believed to direct from Gujarat. Nasir’s trips to Gujarat and Rajasthan in late September 2025 reportedly facilitated fresh laundering paths.
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The suspects face charges under Bharatiya Nyaya Sanhita provisions for cheating, forgery, impersonation, and intimidation, plus IT Act sections 66(c) and 66(d). Officers have seized the flagged accounts and are liaising with banks via cybercrime protocols to unravel the broader syndicate.
Leading the inquiry are Police Inspector Abhijit Sonawane, DIG Sanjay Shintre, and Additional DG Yashasvi Yadav, bolstered by cyber squads from Thane, Gujarat, and Rajasthan for digital forensics and fund tracking.