By Ashwani Mishra, Editor-Technology, 63SATS
In a frightening incident from Pune, a 59-year-old IT executive lost nearly ₹6.29 crore—his life savings—to fraudsters posing as Central Bureau of Investigation (CBI) officers.
Exploiting his fear of legal trouble, the criminals concocted a story about his involvement in a money laundering case. Under the guise of surveillance, they kept him on a prolonged video call, trapping him in what experts now call “digital arrest.” The victim, overwhelmed and isolated, complied with their demands to transfer funds.
Just weeks earlier, a 45-year-old tech professional from Gurgaon lost ₹1.15 crore to fraudsters masquerading as stock investment advisors. These con artists dangled the carrot of high returns, initially delivering small profits to earn his trust. When the stakes were raised, he transferred over ₹1 crore, only to realize he’d been duped.
The victims explain that the initial profits gained from the investments-built trust in the fraudsters. It was only when communication ceased that the realization of being scammed set in.
Trading Dreams Turn into Nightmares
August 2024 was particularly cruel for techies. A 40-year-old software engineer from Thane was tricked out of ₹91.05 lakh in a share trading scam. Fraudsters lured her with promises of lucrative returns, only to vanish once substantial amounts were transferred.
In another case, a techie from Hyderabad lost ₹50.8 lakh after being promised a no-interest loan of ₹27 crore for trading. The elaborate scam involved multiple “processing fees” that ultimately drained the victim’s finances.
Anatomy of a Scam: Greed and Fear as Key Triggers
Whether through fear of legal repercussions or the allure of quick money, these cases underscore two fundamental human emotions that scammers weaponize: greed and fear.
Fear-Driven Scams
Criminals impersonate officials from agencies like the CBI, police, or tax departments. They rely on panic, coercing victims into immediate action to “avoid consequences.” Victims like the Pune tech executive are particularly vulnerable because they feel cornered, unable to validate the claims in the heat of the moment.
Greed-Driven Scams
Investment scams prey on aspirations for financial growth. By offering quick, high returns, fraudsters gain victims’ trust through small initial payouts. Once confidence is established, they siphon off larger sums and disappear.
Cybercrime experts stress that ignoring unsolicited calls or messages is the safest strategy. “Panic and greed are the triggers fraudsters exploit. Staying calm and verifying claims can save people from life-altering losses,” a cybercrime officer noted.
The Global Cybercrime Epidemic
A study by Oxford University’s Sociology Department ranked India 10th among countries with the highest cybercrime rates. The report, Mapping Global Geophysical Cybercrime with the World Cybercrime Index, predicts that global cybercrime losses will surpass $9.4 trillion by the end of 2024. It’s a stark reminder of the growing sophistication of cybercriminals.
India’s tech professionals are at the forefront of the digital economy but also among the most vulnerable to cyber fraud.
Experts call for a dual approach: enhanced public awareness campaigns and stronger cybersecurity measures at both individual and institutional levels.
As the line between digital opportunity and risk continues to blur, staying vigilant and informed is not just a precaution—it’s a necessity.
For techies like those who fell victim, the cost of letting their guard down has been devastating, proving that in the digital age, the oldest tricks still work the best.
