Mangaluru: A 44-year-old former lecturer from the city has reportedly been cheated of Rs 85.68 lakh in an elaborate online share market investment scam after being lured through social media advertisements and WhatsApp groups promising high returns.
Social media link led to WhatsApp investment group
According to the complaint lodged with the police, the victim, who is currently unemployed, came across a link on Instagram advertising “shares investment market online training classes”. Believing it to be a legitimate opportunity to learn and invest in the stock market, he registered through the link.
Following his registration, his mobile number was added on October 31 to a WhatsApp group named NOMURA BHF S407. The group was allegedly administered using two foreign mobile numbers, raising suspicion during later stages of the investigation.
The WhatsApp group was highly active, with frequent messages about stock tips, screenshots of alleged profits, and assurances of guaranteed returns, police sources said.
Woman posed as investment firm assistant
Investigators said a woman identifying herself as Kavya played a key role in gaining the victim’s trust. She claimed to be an assistant with Nomura Investment Managers Limited and regularly posted messages in the group stating that investors could double their money through carefully timed stock purchases and sales.
Her messages were professionally worded and appeared convincing, giving the impression that the group was managed by financial experts. The victim told police that several group members also posted messages thanking the administrators for helping them earn profits, which further boosted his confidence.
Multiple apps used to gain credibility
As part of the investment process, the victim was instructed to download several mobile applications, including AppIIFL, NOMPORNAX, N+HNW and Ntradedevicepro. He was asked to register on these platforms using his personal details and follow step-by-step instructions shared through WhatsApp.
Police said such apps are often used in scams to mimic genuine trading platforms and display fake profits on dashboards. Initially, the victim invested small amounts and received modest returns, which were either credited to his account or reflected in the app interface.
“These initial returns are a common tactic used by cyber fraudsters to build trust and encourage victims to invest larger sums,” a police officer explained.
Transfers made over nearly a month
Encouraged by the apparent profits, the victim continued investing larger amounts. Between November 11 and December 9, he transferred a total of Rs 85,68,387.49 to various bank accounts provided by the accused.
The money was sent in multiple transactions to different accounts, which police believe were mule accounts created or rented by the fraudsters to move funds quickly and avoid detection.
The victim reportedly used his savings and borrowed funds, believing the investments would yield high returns within a short period.
Demand for ‘service tax’ raised alarm
Trouble began when the victim attempted to withdraw his invested amount along with the promised profits. At this stage, the accused allegedly told him that he needed to pay a “service tax” to release the funds.
When he questioned the demand, he was repeatedly pressured to make additional payments. Growing suspicious, the victim refused to transfer any more money and soon realised that he had been cheated.
He informed his family members about the situation and approached the police to file a formal complaint.
Case registered at CEN police station
Based on the complaint, a case has been registered at the Cyber, Economic and Narcotics (CEN) police station against unknown persons. The accused are charged with cheating and criminal breach of trust under relevant sections of the law.
Police said they are analysing bank transaction details, mobile numbers, IP addresses and app-related data to trace the culprits. Efforts are also being made to identify whether the fraud is linked to a larger organised cybercrime network operating from outside the country.
Police caution public against online investment traps
Cybercrime investigators have once again urged the public to exercise extreme caution while dealing with online investment schemes advertised on social media platforms.
Officials warned that fraudsters often misuse the names of reputed financial institutions, create fake apps and WhatsApp groups, and promise unrealistic returns to trap victims. They advised investors to verify the authenticity of investment firms, avoid transferring money to unknown accounts, and consult authorised financial advisors before investing.
Conclusion
The case highlights the growing menace of online investment scams and the ease with which fraudsters exploit trust through social media and messaging platforms. As the investigation continues, police have appealed to citizens to remain vigilant and report suspicious investment offers promptly to prevent further losses.