₹25 cr Kochi cyber scam: SIT finds more victims who believed money lost due to market risks

Kochi: The Special Investigation Team (SIT) probing the massive ₹25 crore cyber fraud that duped a pharma company owner in Ernakulam has found that at least five others in Kerala have fallen victim to the same racket. These individuals, who lost amounts ranging from ₹40 lakh to ₹1.5 crore, were unaware they had been conned until the police contacted them.

Investigators traced their transactions to fraudulent accounts linked to the ₹25 crore case. According to SIT sources, all of them were tricked using the same modus operandi — a fake website, followed by instructions through Telegram chats and calls.

Many of the victims assumed their losses were due to market fluctuations. “When we contacted them, they had no idea they were conned. They believed their investments suffered because of risks in online trading and the recent rise in gold prices. Some even quit the platform to avoid further losses,” said a senior police officer.

So far, none of these victims has lodged complaints. “No FIRs have been filed in these cases, but the SIT may add them as witnesses. If they choose to file complaints, those will be registered separately,” the officer added.

The investigation has revealed that the Seychelles-registered company is part of a larger racket scamming people across India. The fraudulent accounts used for the transactions belong to associates of the scammers, with several Malayalis suspected of playing a key role in luring victims.

“It is an organised crime, and the scale of the fraud goes far beyond our jurisdiction. So far, we have managed to freeze around ₹14 lakh from one of the 23 accounts traced. In such scams, money is often routed through multiple accounts or converted into cryptocurrencies to cover tracks. We are also trying to identify Malayalis associated with the scammers,” police sources said.

The ₹25 crore fraud involving the Elamkulam-based businessman took place between March 15, 2023, and August 29, 2025. Operating under the name ‘Daniel’, the scammers tricked the victim into transferring the money in multiple instalments. The victim realised he had been duped only when he was unable to withdraw his funds. Based on his complaint, Kochi Cyber police registered the case.