A retired finance manager from Mumbai managed to salvage ₹50,000 after falling prey to an online KYC fraud, which led to a loss of ₹2 lakhs.

The 57-year-old victim, now retired and living in the Mankhurd area of eastern Mumbai, transferred ₹5,000 between his banks on November 22. Hours after the transaction, he received a call from a person claiming to be a bank official who informed him that his transaction had been unsuccessful due to a KYC update failure.

See Also: Small Cap Stock Surges 17% To New 52-Week High After Order From Railways

The fraudster convinced the victim to share his One-Time Password (OTP) to facilitate the KYC update. The victim believed the caller, as the person was able to share accurate Aadhaar Card and PAN card details. Subsequently, the victim found that ₹2 lakh had been debited from his account.

Upon recontacting the caller, he was assured that the funds would be returned. After several calls, ₹50,000 was credited back to his account. He later lodged a complaint with the National Cyber Online Portal and Mankhurd police against the unidentified fraudsters.

Read Next: 67-Year-Old Man Falls Prey To ₹4.5 Lakh IRCTC Helpline Scam

This story was originally published on the Fress Press Journal website.