Patna: A retired bank officer has allegedly been duped of Rs 97.06 lakh in a cyber fraud case involving a fake trading platform and online impersonation. The victim, Amarendra Kumar Sinha, a resident of Punaichak, has lodged a complaint with the cyber police, officials said.
According to the complaint, the fraud began when Sinha clicked on an advertisement named “Vepelog” on Facebook. He was subsequently contacted by a woman identifying herself as Sakshi Agrawal, who claimed to be the CEO of a Mumbai-based firm, VV Construction.
The two remained in contact through video calls and WhatsApp chats. During the course of their interaction, the accused allegedly convinced Sinha to invest in a fraudulent trading platform, gradually gaining his trust and encouraging larger investments.
Police said the company address provided to the victim was listed as Jogeshwari West in Mumbai. Despite investing a substantial amount, Sinha reportedly received only Rs 1,978 in returns.
Background of the Victim
Sinha retired on August 30, 2024, as Chief Manager from the State Bank of India’s home loan branch in Purnia. After realising he had been cheated, he approached the cyber police station. DSP Nitish Chandra Dharia confirmed that an investigation is underway.
Modus Operandi: Emotional and Financial Manipulation
Investigators said the accused used a combination of emotional appeal and technical jargon to extract money in multiple stages.
Initially, Sinha was persuaded to invest Rs 43,000 on a platform referred to as “Polyas Finance Pic.” After a small withdrawal of Rs 1,978 was allowed to build trust, the displayed asset value reportedly rose to Rs 3.5 lakh.
When Sinha attempted to withdraw Rs 1 lakh, he was asked to deposit Rs 45 lakh under the pretext of exchange charges and commission, which he complied with.
Subsequently, he was asked to pay Rs 5.33 lakh for audit clearance. In another instance, the accused cited her mother’s illness and requested financial help in dollars, prompting Sinha to transfer around Rs 1 lakh after currency conversion.
Security Deposit and Additional Payments
The fraud escalated when Sinha was told that nearly Rs 95 lakh needed to be deposited as a “security deposit” to unlock total assets. The accused claimed to have arranged most of the amount but insisted that Rs 5 lakh was still required. Sinha transferred the remaining sum.
He was later asked to pay Rs 1.2 lakh towards staff salaries, which he also deposited. In October 2025, he was informed that his accounts had been frozen. To resolve the issue, the accused sought an additional Rs 30,000, citing travel expenses to Delhi.
Despite repeated payments, Sinha was unable to recover his invested money.
Police Advisory
Cybercrime officials have urged citizens to exercise caution while investing online. They advised verifying whether any investment platform is registered with the Securities and Exchange Board of India (SEBI) and warned that promises of guaranteed or fixed returns are often indicators of fraud.
Authorities also cautioned against transferring money to personal bank accounts or downloading applications from unknown links shared via messaging platforms.
Victims of cyber fraud are advised to report incidents immediately by calling the national helpline 1930 or filing a complaint on the official cybercrime portal. Prompt reporting within the first few hours increases the chances of fund recovery.
