MANGALURU: A homoeopathy student who also assisted in priestly duties was allegedly cheated of ₹31.99 lakh after falling prey to an online trading scam that promised extraordinarily high returns. The incident, reported on December 9, 2025, highlights the growing number of cyber fraud cases targeting unsuspecting individuals with false investment schemes.
Victim lured with promise of massive returns
According to the complaint filed at the CEN Crime Police Station, the victim maintained a savings account at a bank in Surathkal, where he deposited his personal savings and income from priestly services. In November, he reportedly received a message from an unknown mobile number promoting an investment opportunity under the name “DBS Trading.”
The sender assured him that he would earn daily returns ranging between 5 and 10 per cent. As the victim expressed interest, the fraudsters further escalated the offer, enticing him with a promise of up to 800 per cent returns by the end of December if he invested larger sums. Convinced by these attractive claims, the complainant began transferring money as per the instructions provided.
Fraudsters operated through multiple contacts
Police said an unidentified woman, who introduced herself as Meena Bhat, acted as the victim’s “guide” throughout the process. She regularly communicated with him, motivating him to invest more by claiming that the platform was secure and that several others had already benefited from similar schemes.
In addition, the complainant was told that the Managing Director of DBS Trading was one Rajath Verma. This person contacted him from multiple WhatsApp numbers, giving the impression of a well-established organisation with dedicated personnel handling investor accounts.
Believing the claims, the victim continued investing over three weeks. Between November 5 and 26, he transferred a total of ₹31,99,800 to various bank accounts furnished by the accused persons.
Money withheld; more demands raised
The complainant told police that when he attempted to withdraw his funds or request returns as promised, the fraudsters informed him that he needed to pay additional charges. These included taxes, processing fees and other “mandatory clearances” before his profits could supposedly be released.
Even after paying some of these extra amounts, no returns were given. When repeated attempts to contact the so-called trading representatives failed, the victim realised he had been cheated. He immediately approached the CEN Crime Police Station and filed a formal complaint.
Police begin investigation
CEN police have begun a detailed investigation into the online scam. Officers are tracing the phone numbers, WhatsApp accounts and bank account details used by the accused. Preliminary inquiries suggest that the fraudsters operated using multiple proxy accounts, fake identities and online tactics commonly seen in high-return investment scams across the country.
Investigators are also coordinating with banks to trace the flow of funds and identify whether the money was transferred to mule accounts or moved quickly to evade detection.
Online trading scams on the rise
Cybercrime experts note that high-return investment frauds have sharply increased in recent years, particularly due to widespread smartphone usage and easy access to social media and messaging apps. Scammers often pose as financial advisors, trading mentors or representatives of reputed companies to gain victims’ trust.
Police have repeatedly warned the public not to fall for unrealistic profit promises, especially those guaranteeing daily earnings or exponential returns. Legitimate financial institutions do not provide such aggressive assurances, officers said.
Community urged to stay vigilant
Authorities urged residents to verify any investment opportunity with reliable financial sources before transferring money. They advised people to avoid engaging with unknown callers, online links and WhatsApp groups claiming guaranteed profits.
Police have also encouraged victims of similar scams to come forward promptly, as timely reporting increases the chances of tracing transactions and blocking fraudulent accounts.
Conclusion
The case serves as a reminder of the sophisticated methods used by cybercriminals to target individuals seeking quick financial gains. With an investigation underway, the CEN Crime Police Station aims to track down the perpetrators and recover the victim’s funds, though the complexity of such scams often poses challenges.