Udupi: A 35-year-old man from Udupi was allegedly duped of Rs 19,59,320 by fraudsters who promised monthly returns of 6% to 7% on online trading investments.
According to the complaint, the victim came across an advertisement offering online trading and investment opportunities while browsing Facebook in August 2024. After contacting the person through the details provided in the advertisement, he was assured that investments made through them would generate attractive monthly returns.
Victim transfers Rs 19.5 lakh
Trusting the assurances, the man allegedly transferred a total of Rs 19,59,320 through NEFT and IMPS to bank accounts held in the names of various companies and organisations, as directed by the accused.
The transactions were reportedly carried out between September 5, 2024, and February 8, 2025.
However, the promised returns were not received. The accused also allegedly failed to return the amount invested, leaving the victim with a substantial financial loss.
The incident highlights the risks associated with online investment advertisements promising unusually high and regular returns. Fraudsters often use attractive investment opportunities to persuade victims to transfer money to multiple bank accounts.
CEN Police register case
Following the complaint, a case was registered at the CEN Crime Police Station.
Police have booked the case under Section 66(D) of the Information Technology Act and Sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita (BNS).
The case is under investigation.