Cyber fraud: Retd IFS officer loses Rs 6.58 crore savings, retirement benefits, house sale proceeds

CHENNAI: A retired Indian Forest Service Officer (IFS) of Tamil Nadu cadre lost Rs 6.58 crore to cyber fraudsters who lured him through WhatsApp messages to join bogus share trading apps.

Krishnan Kumar Kaushal (60), a native of Himachal Pradesh who retired in July 2024 as Principal Chief Conservator of Forests (PCCF), transferred all his savings, retirement benefits, and house sale proceeds to the fraudsters, believing their promises.

The 1990-batch IFS officer stated in his complaint that he received the WhatsApp messages in December 2024 offering attractive returns for his investment. Based on the instructions given by 'customer service executives', he downloaded two apps - SMC Apex and Shanda Capital.

From the beginning of this year, Krishnan Kumar transferred Rs 6.58 crore to the fraudster's bank accounts in different online bank transactions.

The 60-year-old realised he was being scammed after observing that the payees were in different parts of the country and doing different businesses such as furniture, finance, and understood that the data in the app was fake.

"The daily rise in value of shares were orchestrated and fabricated in the app. It was not in tune with the National Stock Exchange (NSE) or Bombay Stock Exchange prices when checked online in official platforms," he said in the complaint.

After realising that he was scammed, he registered a complaint with the 1930 cybercrime helpline. Chennai Police's Cyber Crime wing has registered a case based on his complaint and is investigating.

The Tamil Nadu police have been warning the general public to not fall prey to scamsters who lure them through bogus share trading apps. In 2024, people from Tamil Nadu have lost over Rs 1,100 crores to cyber fraudsters according to official data.