Mumbai Businessman Loses Rs 58 Crore in 'Digital Arrest Scam', Funds Routed via 18 Banks Accounts

A 72-year-old Mumbai businessman was defrauded of Rs 58 crore in a sophisticated digital arrest scam. Fraudsters impersonating ED and CBI officials coerced him into transferring funds through 18 bank accounts. Police have arrested three suspects.

Mumbai: A 72-year-old Mumbai-based businessman has fallen victim to one of the most audacious cyber scams in recent times, losing a staggering Rs 58 crore. The perpetrators, posing as officials from the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), allegedly coerced the victim and his wife into transferring vast sums of money by claiming they were under investigation for money laundering. This elaborate “digital arrest” scam stands among the largest financial deceptions in India, highlighting the growing sophistication of online fraud targeting high-net-worth individuals.

Police confirmed that three individuals have been apprehended in connection with the case, which involved meticulous planning, forged documentation, and a network of multiple bank accounts across several states.

Fraudsters Posing as ED and CBI Officials

Authorities stated that the victim was first contacted on 19 August 2025 by callers identifying themselves as Subramaniam and Karan Sharma. Using multiple mobile numbers and WhatsApp video calls, they impersonated senior officials from the CBI and other government agencies. Presenting forged documents and threatening a “digital arrest,” the scammers coerced the businessman and his wife into transferring money to various accounts under the pretext of clearing their names in a money laundering investigation.

Over nearly two months, between 19 August and 8 October 2025, the businessman transferred a total of Rs 58.13 crore through RTGS to accounts designated by the accused. By the time the fraud was discovered, the funds had already been siphoned off.

Multiple Accounts Used to Launder Funds

Investigations revealed that the fraudsters routed the stolen money through 18 separate bank accounts across Maharashtra and other states. One prominent account, held in the name of Afreen Khulli (wife of accused Abdul Nasir Khulli) with a private bank, belonged to Aircool Enterprises. Around Rs 25 lakh from this account was transferred to seven other accounts.

Further analysis traced Rs 24.95 lakh to Meghdoot Trading Company, a firm linked to Arjun Kadwasara, whose bank account at Mazgaon Branch was allegedly used to launder the proceeds. Jetharam Kadwasara, Arjun’s brother, reportedly oversaw withdrawals and fund management on instructions from Abdul Nasir, who coordinated the operations.

Accused Apprehended, Investigation Underway

The Maharashtra Nodal Cyber Team identified the primary accused as Abdul Nasir Khulli (47) of Pathanwadi, Malad; Arjun Kadwasara (55), a steel trader from Chira Bazaar; and Jetharam Kadwasara (35), resident of Bhadkamkar Road, Mumbai Central. Authorities stated that Abdul Nasir allegedly acted under the guidance of a man named Ankit Shah, who is suspected to be operating from Gujarat. In late September 2025, Nasir reportedly travelled to Gujarat and Rajasthan to facilitate fund transfers and establish new channels for the illicit money.

The accused have been booked under multiple sections of the Indian Penal Code, including cheating, forgery, impersonation, and criminal intimidation, along with Sections 66(c) and 66(d) of the Information Technology Act. All identified bank accounts have been frozen, and police are coordinating with financial institutions across states to trace the remaining funds.

Cybercrime Teams Collaborate Across States

The ongoing investigation is being led by Inspector Abhijit Sonawane, DIG Sanjay Shintre, and Additional DG Yashasvi Yadav. Cybercrime units from Thane, Gujarat, and Rajasthan have been roped in to trace digital evidence and track the movement of funds linked to the racket. Officials noted that the case underscores the increasingly sophisticated nature of cyber fraud in India and the urgent need for heightened vigilance, especially among high-net-worth individuals.