Senior Executive Loses ₹10.68 Lakh in Kamothe Cyber Fraud; Insta Jumbo Loans Misused

A senior executive from a reputed Mumbai-based company was duped of ₹10.68 lakh after a cyber fraudster hacked his mobile phone and withdrew money through unauthorised Insta Jumbo Loans, Kamothe Police said.

The 37-year-old victim realised the fraud on November 3 when his banking services suddenly stopped functioning. At his bank, he discovered that 23 unauthorised transactions had been carried out between October 30 and November 2, after which the bank had blocked his account.

According to police, the fraudster obtained two Insta Jumbo Loans of ₹5.11 lakh and ₹5.04 lakh without the complainant’s consent. The amount was immediately converted into a fixed deposit, which was prematurely broken the next day. The entire sum was then transferred into 23 unknown bank accounts, marked as “gifts”. The victim’s salary of ₹55,343 was also withdrawn.

“Hackers are using new techniques to breach mobile devices and extract loans directly from bank accounts. Citizens must remain extremely cautious,” a police official said.

The complainant filed an online complaint on the Cyber Portal on November 4, followed by a formal complaint at Kamothe Police Station on November 11. An FIR has been registered under cheating and relevant sections of the IT Act. Police have launched a probe to trace the unknown cyber accused.