In a major breakthrough in the high-value “digital arrest” cyber fraud case, the Belagavi City Cyber Crime Police have arrested two accused from Hyderabad in connection with the ₹15.45 crore cheating of an 81-year-old businessman.
According to an official press release, the case was registered at the Cyber, Economic and Narcotics (CEN) Police Station under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
Arrests Made
During the investigation, police traced part of the defrauded money:
- ₹2 crore was transferred to a joint current account in IndusInd Bank
- The account belonged to:
- Accused – Venkadot Sarath Naik, resident of Gachibowli Hostel, Hyderabad
- Accused – Degawata Sripad Naik, resident of Shivdurga Nagar, Changi Chorla, Hyderabad
Both accused were arrested on April 6, 2026, in Hyderabad and produced before the court on April 7, 2026.
How the Fraud Was Executed
Investigations revealed that the fraudsters impersonated officials from the CBI, identifying themselves as “K. Subramaniam.” They falsely claimed:
- Two SIM cards were active in the victim’s name
- He was linked to Naresh Goyal, CEO of Jet Airways
- A money laundering case involving ₹25 lakh had surfaced
- He would be arrested if he did not cooperate
The victim was threatened with immediate arrest and coerced into transferring funds under the pretext of an ongoing investigation.
Between February 7 and March 9, 2026, the victim transferred a staggering ₹15,45,00,000 in multiple phases.
Earlier, police had frozen multiple bank accounts, including one containing ₹90 lakh The fraud is suspected to involve a wider inter-state network Further investigation is underway to trace additional accused and recover more funds.
Case Background
The victim, a resident near Tilakwadi, was targeted through a carefully planned psychological scam. Fraudsters used fear tactics, fake legal threats, and impersonation to manipulate him into liquidating long-held stock investments and transferring funds.
Police have reiterated that “digital arrest” is a completely fake concept used by cybercriminals to create panic and extract money.