A retired banker lost Rs 23 crore in a digital arrest scam early this month. While citizens need to be more alert, given that banking platforms are being misused for large-scale money laundering, stricter monitoring of suspicious transactions and mule accounts is required, explains Banasree Purkayastha

l Biggest digital arrest scam

NARESH MALHOTRA, A 78-year-old retired banker in Delhi, lost Rs 23 crore to cybercriminals over 47 days after falling prey to “digital arrest”. Cybercriminals posing as telecom operator and law enforcement agencies officials claimed his phone number and Aadhaar details had been used to open multiple bank accounts in Mumbai linked to a Rs 1,300 crore terror funding case. Over the next few weeks, he was pressured into liquidating his mutual funds , stocks a

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