Chennai: A retired Indian Forest Service (IFS) officer from Tamil Nadu has fallen victim to a cyber fraud, losing a staggering Rs 6.58 crore to scammers who lured him with fraudulent share trading apps. Krishnan Kumar Kaushal, a 60-year-old former Principal Chief Conservator of Forests (PCCF) who retired in July 2024, transferred his entire life savings, retirement benefits, and proceeds from the sale of his house after being deceived by promises of high returns from bogus investment schemes.
Kaushal, a native of Himachal Pradesh, filed a complaint stating that he first received WhatsApp messages in December 2024, offering lucrative returns on his investments. Following the advice of so-called ‘customer service executives’, he downloaded two apps – SMC Apex and Shanda Capital – to begin his trading journey. Throughout the start of 2025, Kaushal transferred a total of Rs 6.58 crore to the fraudsters’ bank accounts, believing he was making legitimate investments.
However, Kaushal grew suspicious after noticing inconsistencies in the transactions. He observed that the payees were located in different parts of the country, involved in various businesses unrelated to finance, such as furniture and other services. Upon further investigation, he discovered that the stock values displayed on the apps were artificially inflated and did not match the official National Stock Exchange (NSE) or Bombay Stock Exchange (BSE) prices.
“Daily share values were fabricated and orchestrated within the app, giving false indications of returns. When checked on official platforms, the prices didn’t align with real-time market values,” Kaushal explained in his complaint.
Realizing he had fallen victim to a sophisticated scam, Kaushal promptly filed a complaint with the 1930 cybercrime helpline. The Chennai Police Cyber Crime wing has registered a case based on his complaint and launched an investigation into the matter.
The incident highlights a growing trend of online financial fraud in Tamil Nadu. In 2024 alone, over Rs 1,100 crore was reported to have been lost to cyber fraudsters in the state, according to official statistics. Tamil Nadu police have been actively warning the public against falling prey to similar scams, advising vigilance when dealing with online investment platforms and trading apps.
As the investigation continues, authorities urge individuals to exercise caution and verify the legitimacy of any investment opportunities before transferring funds.