Thane: Railway employee loses retirement savings of Rs 7.38 lakh in bank KYC update fraud

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A 72-year-old retired railway employee has lost Rs 7.38 lakh to cyber fraudsters who tricked him to share confidential details by claiming that his bank account was blocked for want of KYC update, a Thane district police official said on Wednesday.

The complainant received a call on February 4 and the caller told him that his bank account was being blocked as he had not updated mandatory KYC (Know Your Customer) documents.

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"The victim was not well-versed with technology and simply followed the instructions of the caller on sharing financial details like secret ATM passwords and details of savings accounts on his phone. The fraudsters debited money from the bank accounts of the man and his wife including his monthly pension and retirement savings. The debited amount was subsequently invested in a Fixed Deposit," the official said.

A case was registered under sections 66C and 66D of the Information Technology Act against two unidentified men and further investigation is underway.

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