An AI-generated editorial illustration shows an elderly man in distress
Pune: A 70-year-old Mundhwa resident lost Rs 2.1 crore after fraudsters promised handsome returns on investment then threatened him with arrest in a money-laundering case. The incident occurred between Aug 2025 and Oct, and an FIR was registered on Saturday. He contacted the number in the ad and spoke to a man who claimed to be a manager of a UK-based investment companyThe man convinced the complainant to invest Rs 20,000, promising to quadruple it within a week, the FIR stated. The complainant first transferred Rs 20,000 using UPI and received Rs 80,000 in a week. The fraudsters then convinced him to invest Rs 5 lakh and gradually, higher sums. He once transferred Rs 1.07 crore, police said. The man saw that his portfolio had increased by Rs 2.8 crore and decided to liquidate it.
He saw an online advertisement, featuring prominent businessmen, Union ministers and athletes, featuring an investment scheme offering high returns, according to the FIR. The complainant ran his own business, which he sold and now lives by himself. But when he tried to withdraw his money, he was not allowed to.
On July 2, he got a call from a man posing as a Telecom Regulatory Authority of India (Trai) official, who claimed his cellphone number was traced to a criminal case and to expect a call from the Mumbai crime branch. He transferred Rs 1.04 crore between July 8 and 15. One suspects even sent him Rs 93,000 through UPI to keep him cooperative. The suspects eventually disappeared, cheating the complainant of Rs 2.1 crore.
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He was told to transfer money for verification and that it would be returned after the inquiry closed. The man was then threatened with arrest in a money-laundering case. Things had gotten so dire that the complainant had exhausted his life’s savings. Download the TOI App.