Lagatar24 Desk
Ranchi: The Supreme Court has issued notices to the Centre, Reserve Bank of India (RBI), Central Bureau of Investigation (CBI), and six major banks in connection with a massive cyber fraud case involving 82-year-old Naresh Malhotra, who was duped of ₹22.93 crore. The court was responding to a petition filed by the victim himself.
Case to Be Heard Again in March
A bench comprising Chief Justice Suryakant and Justice Joymalya Bagchi heard the plea and issued notices to all involved parties. The next hearing is likely to take place in March.
Petition Seeks Escrow Account and National Cyber Fraud Policy
In his plea, Malhotra urged the court to direct that the defrauded money be secured in an escrow account. He also called for the formulation of a national policy to protect citizens from rising cases of cyber fraud, particularly those involving “digital arrests.”
Banks Named as Respondents
Malhotra has made Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, City Union Bank, Yes Bank, and Axis Bank respondents in the case. The Supreme Court has issued notices to all these banks.
How the Fraud Unfolded
According to the petition, the fraud began in August 2025 when Malhotra, after returning from the hospital, was “digitally arrested” by cybercriminals. Impersonating NIA officers, the fraudsters claimed his Aadhaar number was linked to fraudulent bank accounts used in terror funding and the Pulwama attack.
Fake NIA, Fake Court Orders, Real Money Lost
They gained his trust through fake NIA court orders on WhatsApp and extracted personal and financial information. The fraudsters transferred ₹14 lakh from his account and sent fake RBI receipts. Over the next month, they pressured him into selling shares worth ₹24 crore, moving funds to multiple bank accounts.
ED Investigation Hoax and ₹5 Crore Guarantee Demand
Later, they claimed the case had been transferred to the Enforcement Directorate (ED) and promised to return his funds—if he deposited a ₹5 crore “guarantee” in a private company’s account. Malhotra refused and insisted on depositing the money with the Supreme Court registrar. The fraudsters then broke contact.
Aftermath and FIR
Realizing the deception, Malhotra lodged an FIR and approached the Supreme Court seeking recovery of his money and stronger regulatory safeguards against such frauds.
