Updated: Weeks after an 81-year-old businessman was duped of ₹15.45 crore in a chilling “digital arrest” scam, police have arrested two accused from Hyderabad, marking a key breakthrough in the case.
The Belagavi City Cyber Crime Police said the accused — Venkadot Sarath Naik and Degawata Sripad Naik — were nabbed on April 6, 2026, in Hyderabad and produced before a court the following day. The case has been registered at the Cyber, Economic and Narcotics (CEN) Police Station under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
During the probe, investigators traced part of the siphoned money, including ₹2 crore routed to a joint current account in IndusInd Bank linked to the accused. Earlier, multiple accounts had been frozen, including one holding ₹90 lakh. Officials suspect the fraud is part of a larger inter-state network, and further investigation is underway.
Police said the accused impersonated officials of the Central Bureau of Investigation (CBI), introducing themselves as “K. Subramaniam,” to instil fear. The victim was falsely told that two SIM cards were active in his name, that he was linked to Jet Airways founder Naresh Goyal, and that he was involved in a ₹25 lakh money laundering case. He was threatened with immediate arrest and pressured into transferring funds under the pretext of an ongoing investigation.
Between February 7 and March 9, 2026, the victim transferred the entire ₹15.45 crore in multiple transactions.
Authorities have reiterated that “digital arrest” is a fake concept used by cybercriminals to create panic and extort money.
Belagavi: An 81-year-old businessman from Belagavi was allegedly duped of nearly Rs 15.45 crore in a cyber fraud that unfolded over several weeks, police said.
The victim, identified as Ajit Gopalkrishna Saraf, was first contacted on Feb. 5 by a caller posing as a Central Bureau of Investigation official. The caller allegedly accused him of being linked to a money laundering case involving Jet Airways founder Naresh Goel and claimed a complaint had been filed with central agencies.
To make the claims appear credible, the fraudsters reportedly shared fabricated documents purportedly issued by the Central Bureau of Investigation and the Reserve Bank of India’s vigilance wing. In subsequent interactions, another individual joined the calls, posing as an RBI official, and continued to pressure the victim.
Under the threat of legal action, Saraf was allegedly persuaded to disclose details of his financial assets, including fixed deposits and stock investments. He was then coerced into liquidating these holdings and transferring the funds to bank accounts provided by the accused.
Police said the victim remained under constant pressure and did not inform his family during the course of the fraud. The matter came to light when his son visited him during the Ugadi holidays and noticed unusual financial transactions.
A case has been registered with the Belagavi Cyber, Economic and Narcotics Cell, and further investigation is underway.
Authorities have urged the public to remain cautious of such impersonation scams and to verify any claims made by callers posing as officials.
