Bengaluru Senior Duped of ₹1.33 Crore in Elaborate Fake Wealth Advisory Scam

A 74-year-old Bengaluru resident has fallen victim to sophisticated cyber-swindle, losing a staggering ₹1.33 crore to a scammer who impersonated a representative of a reputed wealth advisory firm.

The victim, Shivakumar, was casually browsing the internet when he stumbled upon a website resembling ‘Anand Rathi Wealth Limited’. Trusting its polished appearance, he used the WhatsApp number displayed on the site to initiate a conversation. On the other end was a man introducing himself as Ankith Mahesh, who projected confidence, authority and veneer of financial expertise.

Mahesh allegedly enticed Shivakumar with alluring narratives of high-yield investment schemes, particularly those linked to premium IPO opportunities. He then directed the elderly man to download an app using a link, a seemingly legitimate but deceptive portal crafted explicitly to ensnare unsuspecting investors.

Convinced by the promise of lucrative returns and swayed by the scammer’s persuasive manner, Shivakumar transferred a massive sum of ₹1,15,50,000 from his Axis Bank account. To further amplify the supposed investment, an additional ₹18,00,000 was transferred from the Canara Bank account of his relative, Vinay Kumar. Altogether, a total of ₹1,33,50,000 was siphoned off by the impersonator.

However, as days passed, no profits materialized. Calls went unanswered, and the once overly responsive “advisor” vanished. On September 21, Shivakumar realised he had been grievously misled. He promptly filed a complaint stating that Mahesh neither returned the funds nor delivered the promised gains, a clear signal that he had been duped through an elaborate digital charade.

Officials confirmed that a case has been registered with the National Cybercrime Cell, and a multi-layered investigation is currently in progress. Authorities are examining call logs, bank trails, digital footprints, and the architecture of the fraudulent website. They believe this scam may be part of a broader syndicate preying on elderly investors using hyper-convincing digital facades, misdirection, and emotional manipulation.

Cyber experts have once again urged citizens to remain hyper-vigilant, especially when approached by individuals offering unusually high financial returns. They emphasised that modern-day fraudsters use technological subterfuge, counterfeit websites, cloned applications, and persuasive psychological tactics to lure victims into parting with large sums of money.

This incident underscores the rising menace of cyber-fraud in India’s urban hubs, where digital literacy and trust often collide in unpredictable ways. Shivakumar’s case serves as a stark reminder that one deceptive click can unravel years of savings — and that verifying credentials is no longer optional, but essential.