Mangaluru: A 22-year-old youth has allegedly been cheated of ₹5.31 lakh by cyber fraudsters who lured him with promises of doubling his money through online trading and gaming platforms. The victim reportedly lost the amount over several months after being convinced to make repeated investments based on assurances of high returns.
The incident has once again highlighted the growing threat of online financial frauds, where scammers use social media and messaging platforms to target individuals with unrealistic investment schemes.
Fraudsters contacted victim through Telegram
According to the complaint lodged with the police, the victim was browsing Telegram when he came across messages posted by individuals claiming to offer lucrative investment opportunities.
The fraudsters allegedly persuaded him to join a platform known as Fair Play, assuring him that money invested through trading and gaming activities on the website would generate double returns within a short period.
Tempted by the prospect of quick profits, the youth reportedly began investing money through the platform, believing the claims made by the individuals behind the scheme.
Multiple transactions made over four months
Police sources said the victim transferred money in multiple transactions between January 29 and June 1. The payments were reportedly made using popular digital payment platforms, including Google Pay and Paytm.
Over the course of the four-month period, the youth allegedly transferred a total of ₹5.31 lakh to accounts specified by the fraudsters. The payments were made in stages as the scammers continued to assure him of substantial returns and encouraged further investments.
Cybercrime experts have repeatedly warned that fraudsters often use similar tactics to gain the trust of victims. Initial payments may appear successful or profitable, prompting victims to invest larger sums before eventually discovering that they have been cheated.
Victim realises fraud and approaches police
The alleged fraud came to light when the victim realised that the promised returns were not being credited and that he was unable to recover the money he had invested.
Suspecting that he had been deceived, the youth approached the police and filed a formal complaint detailing the transactions and the circumstances under which he had transferred the funds.
Based on the complaint, police have initiated legal proceedings and begun collecting evidence related to the case. Investigators are expected to examine transaction records, digital communications and payment trails to identify those responsible for the alleged fraud.
Rise in online investment scams
Law enforcement agencies have observed a rise in online investment and trading scams in recent years, particularly those promoted through social media platforms, messaging applications and online advertisements.
Fraudsters often attract victims by promising unusually high returns, guaranteed profits or schemes that claim to double invested amounts within a short period. Such offers are typically designed to exploit individuals seeking quick financial gains.
Authorities advise the public to exercise caution before investing money through unfamiliar websites or platforms. Experts recommend verifying the legitimacy of investment opportunities, checking regulatory approvals and avoiding schemes that promise unrealistic returns.
Police urge public to remain vigilant
Officials have urged citizens to be cautious while responding to messages received through social media and messaging applications. People are advised not to transfer money to unknown individuals or invest in platforms that lack proper verification and transparency.
Cybercrime investigators stress that legitimate investment opportunities carry risks and do not guarantee extraordinary profits within a short timeframe. Any offer claiming assured or doubled returns should be treated with suspicion.
A case has been registered at the Mangaluru South Police Station, and further investigation is under way. Police are working to trace the individuals involved and determine the full extent of the alleged fraud.