Kochi | Police suspect the role of a Cyprus-based call centre in an online investment fraud case in which a Kochi businessman lost Rs 24.76 crore here recently, sources said on Saturday.

According to police, a probe is underway into the bank accounts where the businessman's funds were transferred since March 2023.

On September 1, Kochi Cyber Police registered a case after the businessman, identified as Nimesh, reported losing Rs 24.76 crore through an online trading platform named Capitalix.

The victim was first contacted by a Malayalam-speaking man who identified himself as Daniel, with whom he later communicated regarding stock trading.

The fraud came to light when Nimesh tried to withdraw his investment and profits last month.

A Special Investigation Team (SIT) has been formed to probe the case.

"After examining the transactions and communication channels, the involvement of a Cyprus-based call centre is suspected. We are conducting a probe into the operations of this call centre," a police officer said.

Since the complainant was contacted by a Malayalam-speaking person named Daniel, it can be assumed that the call centre might have hired Keralites for the cyber fraud, he said, adding that the name Daniel is most likely to be a fake one.

Police sources said Capitalix, which is registered in the US, operates an online stock trading platform.

However, it remains unclear whether fraudsters misused the company's name to dupe the businessman or if the firm itself was directly involved, the police officer said.

After the investment fraud surfaced, Kerala police issued an alert to the public about an investment scam in the name of Capitalix.

Investigators have noted that several similar investment frauds have been linked to call centers in Myanmar, Cambodia, and Laos, often associated with Chinese syndicates.

"This may be the first time that a call centre based in a European country has come under our scanner," the officer added.