Udupi: A 31-year-old man from Cherkadi village in Brahmavar taluk has reportedly fallen victim to an online trading scam, losing Rs 18.59 lakh after being lured through a Telegram group that promised high returns from online trading. A case has been registered at the Cyber Economic and Narcotics (CEN) Police Station, and an investigation is underway to trace those behind the fraud.
The complainant, identified as Ravindra, stated that the incident began around eight months ago when he was added by an unidentified person to a Telegram group named “2004.” The group appeared to be focused on online trading and investment opportunities and regularly featured messages showcasing alleged profits earned by its members.
Telegram group promised assured profits
According to the complaint, a woman identifying herself as Kelly was active in the Telegram group and frequently posted messages claiming that she guided members in creating trading accounts and making profitable investments. These messages were often accompanied by screenshots and testimonials suggesting substantial financial gains, which helped build credibility among group members.
Soon after Ravindra joined the group, Kelly allegedly contacted him directly through Telegram. She assured him of personalised trading guidance and claimed that she would help him earn steady profits, similar to those being displayed in the group messages. Trusting these assurances, Ravindra agreed to follow her instructions.
Fake trading platform and transfers
As directed by Kelly, Ravindra created a trading account in his own name by logging into a website identified as WI Index. He was led to believe that this platform was a legitimate trading portal where investments could be tracked and profits withdrawn.
Over a period of time, Ravindra transferred money from his bank account to various other bank accounts, as instructed by the accused. The transfers were made in multiple instalments, amounting to a total of Rs 18,59,500. Each time he expressed hesitation or concern, he was reassured that the funds were being invested and that profits would be credited shortly.
The complainant stated that the online dashboard on the trading platform showed apparent profits, further reinforcing his belief that the investment was genuine.
No returns, communication stops
Problems began when Ravindra attempted to withdraw either the invested amount or the profits shown on the platform. Despite repeated requests, no money was returned. Subsequently, communication from Kelly became irregular, and the Telegram group activity also reduced significantly.
When Ravindra pressed for clarity, he allegedly received vague responses and excuses. Eventually, all communication stopped, leading him to realise that he had been cheated.
After confirming that neither the trading platform nor the individuals involved could be verified as legitimate, Ravindra approached the police and lodged a formal complaint.
Police register cyber fraud case
Based on the complaint, police have registered a case under Sections 66(C) and 66(D) of the Information Technology Act, which relate to identity theft and cheating by personation using computer resources. The case has also been registered under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), dealing with cheating involving a large financial loss.
Police officials said efforts are underway to trace the bank accounts that received the funds, analyse digital footprints, and identify the Telegram accounts and IP addresses involved in the fraud. Cybercrime investigators are also examining the WI Index website to determine whether it is a fake trading platform created solely to deceive victims.
Rising trend of online trading scams
Police sources noted that online trading scams using messaging platforms such as Telegram and WhatsApp have seen a sharp increase in recent years. Fraudsters often create groups that display fake profit screenshots and success stories to lure unsuspecting individuals.
Victims are typically encouraged to invest small amounts initially, which builds trust before larger sums are extracted. In many cases, fake trading dashboards are used to show artificial profits, while withdrawals are blocked using various excuses.
Advisory to the public
Cybercrime officials have once again urged the public to exercise caution while engaging in online trading or investment opportunities promoted through social media or messaging platforms. They emphasised that genuine investment firms do not guarantee fixed or assured returns and do not operate exclusively through informal channels such as Telegram groups.
People are advised to verify the credentials of trading platforms with regulatory authorities, avoid sharing personal or banking details online, and immediately report suspicious activity to the police or cybercrime helpline.
Conclusion
The case serves as another reminder of the growing sophistication of cyber fraud and the need for heightened awareness among the public. Timely reporting and thorough investigation may help prevent similar incidents and bring those responsible to justice.