In one of Delhi’s largest “digital arrest” scams, a 78-year-old retired banker was duped of ₹22.92 crore after cybercriminals manipulated him for nearly six weeks. Naresh Malhotra, a former senior executive with both public and private banks, transferred the money through 21 RTGS transactions to 16 different accounts across the country while believing he was following instructions from law enforcement agencies.
The scam began on August 1 when Malhotra received a call from individuals posing as officials from the Enforcement Directorate and Mumbai Police. They falsely claimed his identity was linked to a terror-funding case and warned that only the Reserve Bank of India and the Supreme Court could clear his name. The fraudsters convinced him to transfer money as “surety,” promising the funds would be returned.
Between August 4 and September 4, Malhotra visited three nearby bank branches—Central Bank, HDFC Bank, and Kotak Mahindra Bank—making 21 high-value transfers. Bank staff, familiar with the veteran banker, raised no alarms as he appeared calm and often chatted with employees over tea while moving the funds.
Delhi Police’s Intelligence Fusion & Strategic Operations (IFSO) unit revealed that the stolen money was split into seven layers through over 4,200 transactions across multiple states, making recovery extremely difficult. So far, authorities have managed to freeze ₹2.67 crore in various accounts.
The ordeal ended on September 19 when the scammers demanded an additional ₹5 crore. Malhotra finally refused and reported the fraud the same day. Investigators say the delay in reporting cost precious “golden hours” that could have helped trace the money trail more quickly.
Police continue to track the complex network of transactions in an attempt to recover the remaining funds and identify the masterminds behind the operation.
