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Rs 3.4 crore fraud trail leads police to 8,574 bank…

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activeCyber Crime / Digital ArrestPan India

Rs 3.4 crore fraud trail leads police to 8,574 bank accounts, one arrested

Chennai cybercrime police uncovered a massive online investment fraud involving a 69-year-old retired bank employee who lost Rs 3.4 crore. According to reports, the victim was contacted via WhatsApp by someone posing as an investment firm official, who added him to an investment group and promised high returns.

State

Multiple States

First reported

October 2026

Agency involved

Chennai Cyber Crime Police

Arrests

One man aged 52

Accounts involved

8,574 bank accounts

Status

The arrested accused was remanded in judicial custody and Rs 21 lakh was frozen

The full story

Everything you need to know about this case, in one place.

Investigators stated that the victim transferred money across 13 instalments into various bank accounts. The fraud came to light when the promised returns failed to materialize and the contacts stopped responding. The victim then contacted the cybercrime helpline and filed a formal complaint.

A special police team traced the illicit funds to Visakhapatnam and arrested a 52-year-old man in connection with the case. Authorities discovered that the scam utilized a complex web involving thousands of bank accounts across multiple states and payment applications to launder the stolen money.

Not yet reported: The articles do not specify the exact dates when the fraud occurred or when the complaint was filed.

Where the case stands

The latest position in the reports we read.

One suspect has been arrested and remanded in judicial custody, while authorities have frozen Rs 21 lakh and continue to investigate the wider network of accounts.

Who was affected

Described in general terms; we do not name victims.

A 69-year-old retired bank employee from Chennai.

How the scam worked

The method described in the reports.

Fraudsters contacted the victim via WhatsApp posing as a chief investment officer of a Bengaluru-based investment firm.
The victim was added to a specific investment group on WhatsApp where high returns were promised.
Scammers posted fabricated messages within the group showing other members earning substantial profits.
The victim transferred a total of about Rs 3.4 crore in 13 instalments to various bank accounts suggested by the fraudsters.
The illicit funds were routed through 20 layers involving multiple banks and payment applications to obscure the money trail across thousands of accounts.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

timesofindia.indiatimes.comOriginal report The Times of IndiaOpens via Google News

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