Victim was allegedly lured into an online trading scam using images of Nirmala Sitharaman, Sachin Tendulkar and Sudha Murty; one accused arrested from Betul
Durg/Bhilai : A 61-year-old retired employee of the Bhilai Steel Plant (BSP) and former Indian Air Force serviceman allegedly lost ₹45.18 lakh in an online investment scam after fraudsters promised him high returns from trading.
Police said the accused allegedly used advertisements featuring the names and photographs of Union Finance Minister Nirmala Sitharaman, legendary cricketer Sachin Tendulkar and philanthropist Sudha Murty to make the investment scheme appear genuine.
The Bhilai Nagar Police have arrested a 24-year-old man from Betul, Madhya Pradesh, in connection with the case. Police are now searching for the alleged mastermind and other members of the fraud network.
Retired BSP employee falls victim to online trading scam
According to Durg Police, the victim has been identified as Jayant Bagchi, a resident of Hudco in Bhilai.
Bagchi, 61, is a retired Bhilai Steel Plant employee. Before joining BSP, he had also served in the Indian Air Force.
Police said the fraudsters approached him through an online investment advertisement and gradually convinced him to invest increasing amounts of money by promising attractive returns.
Facebook advertisement led to the fraud
According to the police investigation, Bagchi came across an online investment advertisement while using Facebook on March 10, 2026.
After clicking on the link and registering, he was contacted by a woman identified as Kritika, who allegedly asked him to pay ₹18,998 as a registration or service fee.
The victim was subsequently contacted by people identifying themselves as Siddharth Vipul, Karan Taneja and others.
They allegedly convinced him to invest money in different forms of trading, including trading, margin transactions, gold and oil investments.
₹45.18 lakh transferred in multiple instalments
Police said the victim transferred money to accounts specified by the fraudsters in several instalments.
According to the complaint and police investigation:
- March 17: ₹1 lakh was transferred.
- March 24: ₹5 lakh was transferred.
- March 25: Another ₹5 lakh was transferred.
- March 27: ₹25 lakh was transferred in the name of gold investment.
- April 9: ₹5 lakh was transferred.
- April 16: ₹4 lakh was transferred.
In total, the victim allegedly transferred ₹45.18 lakh to the fraudsters.
Fraudsters demanded more money in the name of tax
After receiving the money, the accused allegedly showed the victim substantial profits in his purported trading account.
When Bagchi reportedly tried to withdraw his money, the fraudsters allegedly told him that he needed to pay 15 per cent tax before the amount could be released.
Police said the accused subsequently demanded more than ₹34 lakh in the name of taxes and other charges.
They allegedly continued pressuring the victim to make additional payments and later demanded another ₹12 lakh.
At this stage, the victim became suspicious and realised that he could be dealing with a fraud network.
Complaint filed through cybercrime helpline
After suspecting that he had been cheated, Bagchi contacted the national cybercrime helpline 1930 and reported the incident.
Police subsequently began tracing the bank accounts and financial transactions connected with the case.
The investigation eventually led police to Vishal Nagle, a 24-year-old resident of Betul, Madhya Pradesh.
He was arrested by Bhilai Nagar Police.
Accused allegedly worked as a labourer
Durg Additional Superintendent of Police Manishankar Chandra said the arrested accused was a ninth-grade dropout and worked as a labourer.
According to the police, Nagle had travelled to Pune in 2020 for employment, where a bank account was allegedly opened in his name.
Investigators suspect that the account was later used to receive money transferred by victims of the cyber fraud.
Police have seized a cheque book, Aadhaar card and mobile phone from the accused.
Police investigating the larger network
Investigators believe the arrested man may have been only one part of a larger cybercrime network.
Police are examining the bank accounts, mobile phones and financial transactions linked to the accused to identify the alleged mastermind and other individuals involved in the operation.
The identities and roles of the people who allegedly contacted the victim using names such as Kritika, Siddharth Vipul and Karan Taneja are also being investigated.
How the scam allegedly worked
The case highlights a common pattern seen in online investment scams:
Social media advertisement → registration link → initial fee → investment advice → increasing deposits → fake profits → withdrawal blocked → tax/fee demand → further payment pressure.
Cybercriminals often use the names, photographs and apparent endorsements of well-known personalities to make fraudulent investment platforms appear legitimate.
Police appeal to investors
The case is another reminder that investors should verify the authenticity of online trading and investment platforms before transferring money.
People should be particularly cautious when an online investment scheme promises unusually high or guaranteed returns, asks for repeated deposits or demands additional money before allowing withdrawals.
Police also advise victims of suspected online financial fraud to report the incident immediately through the 1930 cybercrime helpline, as quick reporting can improve the chances of tracing and freezing the funds.
Key Takeaway
A retired BSP employee and former Indian Air Force serviceman in Bhilai allegedly lost ₹45.18 lakh after being drawn into a fake online trading and investment scheme.
Fraudsters allegedly used advertisements featuring the images and names of prominent personalities, including Nirmala Sitharaman, Sachin Tendulkar and Sudha Murty, to gain credibility.
The victim transferred money in several instalments before the accused allegedly demanded additional amounts in the name of taxes and withdrawal charges.
Following a complaint through 1930, Bhilai Nagar Police arrested 24-year-old Vishal Nagle from Betul and seized his cheque book, Aadhaar card and mobile phone. The alleged mastermind and other suspects remain under investigation.
