Merchant navy man loses 1.7 cr in investment fraud

Kolkata: Phoolbagan police have initiated an investigation into a financial fraud in which a senior merchant navy official was allegedly swindled of Rs 1.7 crore.The victim, a 59-year-old marine engineer currently stationed on a vessel at sea, allegedly fell prey to a fraudulent online investment scheme that promised lucrative returns through pre-market trading and initial public offerings (IPOs).
The matter came to light after the official's wife, a resident of a condominium on Narkeldanga Main Road, lodged a complaint with the authorities. According to the preliminary police inquiry, the victim was lured into joining a digital platform that allegedly masqueraded as a professional investment group.Operating from overseas while on professional duty, the engineer reportedly transferred his entire life savings — amounting to Rs 22 lakh — to the platform. Lured by the promise of high returns, he allegedly went on to borrow around Rs 1.5 crore from friends and relatives to increase his stake in the purported trading venture.The deception spanned several months, during which the victim made multiple deposits on different dates. The extent of the fraud came to light only when the official attempted to withdraw his accumulated funds. Instead of processing the request, representatives of the entity allegedly informed him that his trading account had been "frozen". They then demanded additional deposits as a "clearance fee" to release the funds — a classic hallmark of so-called "pig butchering" or recovery scams.Investigators have identified a network of individuals who allegedly impersonated account managers, group leaders and accountants to sustain the facade of a legitimate financial firm. The suspects are believed to have used multiple mobile numbers — both domestic and international — to lend a false sense of security and professional oversight to the victim.Following a preliminary inquiry by Phoolbagan PS, investigators determined that the facts disclosed the commission of serious cognisable offences. A case has been recommended under relevant sections of the BNS pertaining to cheating and fraud.A parallel complaint was also lodged with the Cyber Crime Police Station at Lalbazar headquarters. Detectives are analysing bank transaction records and digital footprints linked to the suspect accounts to trace the trail of the misappropriated Rs 1.72 crore."The victim's professional commitments at sea made him particularly vulnerable to this digital trap," a senior official said. "The perpetrators deployed a layered hierarchy — from ‘group-in-charge' to ‘accountant' — to systematically siphon funds from a seasoned professional."As the victim remains onboard his vessel, local police are working closely with his family to gather further electronic evidence. Officers have also issued a public advisory, urging citizens to exercise caution against online groups promising "exclusive" access to pre-market trading, and stressing that legitimate financial institutions never demand additional payments to "unfreeze" withdrawal requests.