Mangaluru: A 57-year-old man from Mangaluru has alleged that he was cheated of ₹10.55 lakh by online fraudsters who lured him into investing in a so-called digital gold trading platform through Instagram, promising high returns on his investment.
According to the complaint filed with the police, the incident began on November 12, 2025, when the victim was browsing Instagram at his residence. He received a message from an account identified as “Suhani Patel”, who initiated a friendly conversation and gradually persuaded him to invest in what she described as the “digital gold market”.
Lured through social media
The complainant stated that the accused built trust over several conversations and claimed to have expertise in digital gold trading. She allegedly assured him of significant profits within a short period and convinced him that the investment was safe and lucrative.
Subsequently, the accused shared a mobile number and sent a link via WhatsApp, directing him to download an application named “Kanak Daam Exchange”. Believing the claims to be genuine, the victim installed the application and completed the registration process as instructed.
He was informed that all transactions would be carried out through the application’s customer service interface. Acting on the directions provided through the app, he contacted the so-called customer support and expressed his willingness to invest. He was then told that he would have to transfer Indian rupees in exchange for US dollars, which would be used for digital gold trading on the platform.
Multiple transfers to unknown accounts
The fraudsters provided specific bank account details for transferring the funds. Trusting the assurances, the complainant transferred ₹1,50,000 in the first instance. Encouraged by the app interface showing apparent profits, he later transferred ₹3,45,000 and ₹5,60,000 in multiple transactions.
In total, he transferred ₹10,55,000 between November 12, 2025, and February 27, 2026.
The app reportedly displayed that his investment had grown exponentially to ₹60 lakh, further reinforcing his belief that the platform was legitimate.
Demand for ‘tax’ before withdrawal
The fraud came to light when the victim attempted to withdraw the amount due to personal financial requirements. He found that the withdrawal option was either disabled or unsuccessful. On contacting the app’s customer service, he was allegedly informed that he would have to pay 30 per cent of the total displayed amount as “tax” before any withdrawal could be processed.
Growing suspicious, the complainant approached officials at Canara Bank for clarification. Bank officials reportedly informed him that the scheme appeared to be fraudulent and advised him not to transfer any additional funds.
When he communicated this to the accused, the amount reflected in the application reportedly dropped to zero. He was subsequently blocked from further communication on both the app and social media.
Despite repeated attempts to contact “Suhani Patel”, the accused allegedly continued to assure him that the money would be returned, before eventually ceasing all communication.
Case registered
The complainant has stated that he was cheated of ₹10,55,000 over a period of more than three months and has sought legal action against the fraudsters. A case has been registered, and police have initiated an investigation to trace the bank accounts and digital footprints linked to the fraud.
Cybercrime officials have reiterated that fraudsters are increasingly using social media platforms and fake trading applications to lure victims with promises of unrealistic returns. They have advised the public to exercise caution while dealing with unsolicited investment offers received through social media or messaging platforms.
Authorities have urged citizens to verify the authenticity of investment platforms, avoid transferring money to unknown accounts, and consult their banks or financial advisors before making online investments. They have also recommended reporting suspicious activity promptly to the nearest police station or through official cybercrime reporting portals.
The incident serves as a reminder of the growing threat of online investment scams and the need for heightened digital awareness among social media users.