Kolkata Merchant Navy Official Loses Rs 1.7 Crore in Sophisticated Online Investment Scam
Phoolbagan police in Kolkata have launched a comprehensive investigation into a major financial fraud case, where a senior merchant navy official was allegedly swindled of a staggering Rs 1.7 crore. The victim, a 59-year-old marine engineer currently stationed on a vessel at sea, fell prey to a deceptive online investment scheme that promised lucrative returns through pre-market trading and initial public offerings (IPOs).
How the Scam Unfolded
The matter came to light after the official's wife, a resident of a condominium on Narkeldanga Main Road, filed a formal complaint with the authorities. According to preliminary police inquiries, the victim was enticed into joining a digital platform that masqueraded as a professional investment group. Operating from overseas while on duty, the engineer reportedly transferred his entire life savings of Rs 22 lakh to this platform.
Lured by the promise of exceptionally high returns, he then allegedly borrowed approximately Rs 1.5 crore from friends and relatives to increase his stake in what he believed was a legitimate trading venture. The deception spanned several months, with the victim making multiple deposits on various dates.
The Discovery and Investigation
The full extent of the fraud was revealed only when the official attempted to withdraw his accumulated funds. Instead of processing the request, representatives of the entity informed him that his trading account had been "frozen". They then demanded additional deposits as a "clearance fee" to release the funds—a classic hallmark of so-called "pig butchering" or recovery scams.
Investigators have identified a network of individuals who allegedly impersonated account managers, group leaders, and accountants to maintain the facade of a legitimate financial firm. The suspects are believed to have used multiple mobile numbers, both domestic and international, to create a false sense of security and professional oversight for the victim.
Legal Actions and Police Response
Following a preliminary inquiry by Phoolbagan Police Station, investigators determined that the facts disclosed the commission of serious cognisable offences. A case has been recommended under relevant sections of the Bharatiya Nyaya Sanhita (BNS) pertaining to cheating and fraud.
A parallel complaint was also lodged with the Cyber Crime Police Station at Lalbazar headquarters. Detectives are currently analysing bank transaction records and digital footprints linked to the suspect accounts to trace the trail of the misappropriated Rs 1.72 crore.
"The victim's professional commitments at sea made him particularly vulnerable to this digital trap," a senior official stated. "The perpetrators deployed a layered hierarchy—from ‘group-in-charge’ to ‘accountant’—to systematically siphon funds from a seasoned professional."
Ongoing Efforts and Public Advisory
As the victim remains onboard his vessel, local police are working closely with his family to gather further electronic evidence. Officers have also issued a public advisory, urging citizens to exercise extreme caution against online groups promising "exclusive" access to pre-market trading. They stress that legitimate financial institutions never demand additional payments to "unfreeze" withdrawal requests.
This case highlights the growing threat of sophisticated online scams targeting individuals, even those with professional expertise, and underscores the importance of vigilance in digital financial transactions.
