A disturbing new form of corporate-targeted cybercrime has come to light — a hybrid scam that merges digital deception with real-world impersonation, leaving business leaders blindsided and financially trapped.

The Mastermind: Vikrant Chavan

At the heart of this fraud is Vikrant Chavan, a self-styled "fundraising intermediary" based in Mumbai. He allegedly approached the founder of a reputed Indian company, claiming access to large-scale financial disbursements through private and institutional investors.

 The Con: Advance Fee Scam

Using sophisticated tactics, Vikrant convinced the company to pay ₹7,25,000 as an “advance processing fee” to secure a loan against property, supposedly sanctioned by IDFC Bank.

To build trust, he presented:

Fake sanction letters

Fabricated email trails

False legal documentation

Cybercrime Gets Physical

Vikrant didn’t stop at digital deception. He:

Arranged face-to-face meetings in luxury hotels

Used fake stamp papers and forged seals

Maintained a 2-month charade, promising the “disbursement was under process”

But the entire setup was an illusion.

After 8 weeks of excuses, Vikrant Chavan disappeared without a trace.

 The Disappearing Act

Vikrant staged one final deception involving a so-called “VIP bag” that mysteriously vanished during travel — a tactic used to delay and distract. By 3:00 AM the next day, he and his aides had completely vanished.

It is now suspected that multiple victims across India may have been similarly duped.

 Why This Is a Next-Gen Cybercrime

This isn’t just a con — it’s a cyber-physical fusion of high-tech fraud and low-tech trickery.

Digital Forgery: Fake bank mandates and email threads to simulate authenticity

Psychological Manipulation: High-pressure tactics to break resistance

Fake Compliance: Bogus stamp duties and fabricated KYC demands

Data Targeting: Use of internal company info to personalize scams

Law Enforcement Advisory

This case reflects a growing national trend. Cybercrime cells and EOW units warn of rapidly evolving tactics — including:

QR code scams

AI-generated legal docs

Impersonation of financial institutions

Businesses: Protect Yourself

✔️ Never pay advance fees without legal validation

✔️ Verify all documents directly with the issuing institution

✔️ Cross-check stamp papers on official e-Stamp portals

✔️ Report fraud at cybercrime.gov.in or your local Economic Offences Wing

FINAL WARNING

If someone offers “guaranteed funds” or shows you a “sanction letter” — stop immediately.

Check the institution’s seal and contact the source

Never act under pressure

Don’t be fooled by suits and legal jargon — this is the new face of cybercrime