Francis Castelino (72), a resident of Moodubelle, Udupi, has fallen victim to a devastating online stock market scam, losing a total of Rs 49 lakh. The fraudsters lured him and his family through a WhatsApp group named “Stock Market Navigation,” which provided enticing stock market tips and promised substantial returns. The scammers added Castelino’s son’s number to the group using the mobile number 7482980461, which led to the fraudulent scheme.
Trusting the scammers’ advice, Castelino transferred Rs 17 lakh from his account, his wife Rs 10.5 lakh, and their son Rs 21.5 lakh on December 30, 2024, into the bank accounts provided by the fraudsters, bringing their total investment to Rs 49 lakh.
However, when the family tried to withdraw the invested funds or the promised returns, the scammers pressured them to reinvest. Despite repeated efforts, they were unable to recover any of their money, resulting in a significant financial loss.
A case has been filed at the Udupi CEN Police Station, and investigations are ongoing to locate the fraudsters and recover the stolen funds.
How to stay safe?
To protect yourself from similar scams, be vigilant. Never trust unsolicited calls or messages that promise high returns. Police officers never initiate cases online or ask for money. If someone threatens you with “digital arrest,” it’s a scam, as this term does not exist in Indian law. Never share sensitive information such as bank details or OTPs over calls or messages. If you suspect fraud, report it immediately to authorities and your bank.
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