Kerala Resident Loses Rs 24.76 Crore in Stock Scam; IRDAI Official Arrested for Rs 5.30 Crore Fraud
In Kerala, a man was duped of Rs 24.76 crore through a fake stock scheme, and in Hyderabad, an IRDAI official was arrested for misappropriating Rs 5.30 crore. Police registered the case and traced funds. The official created forged documents to transfer funds to personal accounts to clear debts.
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- India
An Ernakulam resident in Kerala has become the victim of a staggering fraud, losing Rs 24.76 crore through a deceptive stock trading scheme, according to local police. The scheme functioned under the guise of a fake company called 'Daniel' via Telegram, using a fraudulent website, www.capitalix.com, and a Telegram account @capitalix_bot, to execute their scam.
The fraudulent operations, spanning from March 2023 to August 2025, tricked the victim, Nimesh E., into releasing funds in multiple tranches. Suspicions arose when the victim couldn't retrieve the invested amount, prompting the involvement of Kochi's Cyber Crime Police Station, which has initiated a search for the illicit funds in collaboration with banking institutions.
In a related development, the Economic Offences Wing (EOW) of Cyberabad Police has detained Bhaskarabhatla Suryanarayana Sastry, an Assistant Manager at the Insurance Regulatory and Development Authority of India (IRDAI), for allegedly orchestrating a Rs 5.30 crore fraud. The official is accused of fabricating invoices and documents to reroute funds to personal accounts, as he sought to settle mounting personal debts.
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