Two arrested for cheating 81-year-old Belagavi businessman of ₹15.45 crore in digital arrest scam

Two persons from Hyderabad were arrested for scamming an 81-year-old Belagavi businessman out of ₹15.45 crore by posing as CBI officials.

Belagavi police arrested two persons from Hyderabad (in Telangana) for cheating an 81-year-old businessperson of ₹15.45 crore in a digital arrest scam.

A team from the City Cyber Crime branch arrested Venkadot Sarath Naik, a resident of Gachibowli Hostel in Hyderabad, and  Degawata Sripad Naik, a resident of Shivdurga Nagar, Changi Chorla in Hyderabad. They were arrested on April 6 in Hyderabad, and produced in court on April 7.

The Cyber, Economic and Narcotics (CEN) Police Station had registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. The complaint was given by the children of Ajit Saraf on March 18. A detailed report was sent to the Union Home Ministry.

Following the money trail, officers learnt that a significant portion of the stolen money had been sent to some private companies. Working with various government agencies and IT experts, the police gathered details of these companies and their accounts. Officers found that around ₹2 crore was transferred to a joint current account in IndusInd Bank in Hyderabad. The account belongs to the two accused.

The duo had posed as officials from the CBI, one of them identifying himself as ‘K. Subramaniam’. They falsely claimed that one of the two SIM cards of Ajit Saraf had been used for illegal transactions. They said that he was linked to Naresh Goyal, founder and former CEO of Jet Airways. They also accused Ajit Saraf of being involved in a money laundering case involving ₹25 lakh.

They asked him ‘to cooperate with them’ if he wanted to avoid facing the consequences of the alleged crimes. After threatening immediate arrest, the duo convinced him that they would put him under ‘digital arrest’ till the issue was resolved. They allegedly coerced him into transferring funds under the pretext of an ongoing investigation. They forced the senior citizen to empty his bank accounts and share holdings. The victim transferred around ₹15.45 crore to various accounts over 31 days in February and March.