Four Arrested for Rs 33.10 Lakh Online Trading Scam in Udupi

The Udupi police have arrested four individuals for allegedly defrauding a man of Rs 33.10 lakh through an online trading scam. The accused are Mahammed Mustafa P (36) from Kuriya in Puttur, Khalid B from Bambrana in Kumble, Mohammed Safan K A (22) from Neerchal in Kasargod, and Sathish Shet (22) from Bejai in Mangaluru. Police have recovered Rs 13 lakh and five mobile phones from the suspects.

The arrests were made following a complaint by Upendra Bhat, who reported that he was deceived by individuals posing as members of the Motilal Oswal Private Wealth Management Group. Bhat was initially contacted via WhatsApp and was added to the group’s trading platform. Believing the scammers’ promises of profit, he invested Rs 33.10 lakh, only to realize he had been defrauded.

A case has been filed under Sections 66(C) and 66(D) of the IT Act. The prime accused remains at large, and efforts are underway to locate him. Udupi SP Dr Arun K announced that a special team, led by CEN inspector Ramachandra Nayak and guided by Additional SPs Siddalingaiah T S and Parameshwar Hegde, is handling the investigation. The SP has urged citizens to be cautious of similar online trading schemes.

Four Arrested for Rs 33.10 Lakh Online Trading Scam in Udupi

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