In a disturbing case of cyber fraud, a 74-year-old senior citizen has allegedly been cheated of Rs 1.77 crore by an unidentified fraudster who promised lucrative returns through online American commodities trading.
According to police, the victim received a phone call on December 24 last year from a person identifying himself as Shoib Ghauri from a firm named “Ventrade”. The caller claimed that investments made in Indian rupees would be converted into US dollars and traded in American commodities markets, assuring substantial profits.
Trust built through initial returns
The accused reportedly maintained constant contact through phone calls, WhatsApp, and email. To gain the victim’s confidence, he encouraged a small initial investment, which yielded modest returns credited to the victim’s bank account.
Reassured by these returns and repeated assurances of higher profits, the senior citizen transferred larger sums via RTGS, NEFT, and IMPS to multiple bank accounts provided by the accused.
Police stated that between January 5 and February 2, a total of Rs 1,77,64,668.22 was transferred.
Case registered at CEN Police Station
When the promised profits stopped and communication became suspicious, the victim realised he had been duped and approached authorities. A case has been registered at the CEN Police Station in Mangaluru, and investigations are underway to trace the accused and recover the funds.
Police have urged citizens, particularly senior citizens, to verify online investment platforms and consult authorised financial advisors before transferring large sums.