70-Year-Old Indian Chartered Accountant Loses Over $2.2 Million in Fake Investment Scheme Scam

A 70-year-old chartered accountant from Gwalior, Madhya Pradesh, India, has allegedly lost more than Rs 21 crore (over $2.2 million) after falling victim to a fake investment scheme promising “high returns”, according to local police.

The cybercrime branch has so far managed to freeze around Rs 1.75 crore of the stolen funds and is investigating the bank accounts used to receive the money, officials said.

The victim, a resident of the Inderganj area, reported the incident after realising he had been deceived. Police launched an investigation following his complaint.

According to Deputy Superintendent of Police Sanjeev Nayan Sharma, the fraud began in the last week of December 2025, when a woman contacted the victim via WhatsApp and falsely presented herself as an investment adviser.

The fraudsters allegedly built trust by showing fake profits from small initial investments. They later introduced a fraudulent online investment platform that displayed fabricated returns, making the victim believe his investments were generating substantial gains.

Trusting the fake investment results, the victim transferred more than Rs 21 crore over six months through more than 100 transactions from his four bank accounts.

However, when he attempted to withdraw his funds, the scammers reportedly delayed the process with various excuses and later demanded additional payments amounting to several crore rupees, claiming the extra money was needed to release his investment returns.

Police said efforts are ongoing to trace the accounts involved and recover more funds. The investigation remains underway.

Fraudsters often use fake platforms, fabricated profits, and social engineering tactics to lure victims into transferring large sums of money. Investors are advised to verify the regulatory status of investment platforms and remain cautious of schemes promising unusually high returns.