Udupi: In a major breakthrough against cybercrime, Udupi District Police have busted two high-value online trading scams, arresting six suspects and recovering ₹6 lakh in cash along with several mobile phones used in the fraud.

The first case involved 51-year-old Teertharaj Shenoy of Perampalli Ambagilu, who was lured into Telegram groups Capital Gains Crew and Fidility Institutional Partners F-101. Between December 19, 2024, and January 7, 2025, Shenoy transferred ₹44 lakh from his and his mother’s bank accounts, believing he would earn hefty stock market returns.

When no returns came, Shenoy lodged a complaint with the Udupi Cyber Economic and Narcotics (CEN) Police. A team led by Inspector Ramachandra Nayak, under the supervision of SP Hariram Shankar, IPS, Additional SP Sudhakar Nayak, and DySP Dr Harsha Priyamvada, IPS, arrested Shoeb Ahmed (28) and Muddasir Ahmed (40) from Rahmat Mohalla, Hunsur (Mysuru district). Police seized ₹2 lakh in cash and mobile devices used in the fraud. Other accused remain at large.

In a separate case, 54-year-old Jossy Ravindra D’Cruz of Shankarpura, Kapu, lost ₹75 lakh after befriending a woman named Arohi Agarwal on Facebook, who later convinced him via WhatsApp to invest in a fake FXCM Gold Trading platform.

Following investigation, police arrested four suspects:

  • Mohammed Kais (20) of Prem Nagar, Kodikere (Surathkal)

  • Ahmed Anveez (20) of Manjatota, Hejamadi

  • Safwan (30) and Taseer (31), both from Bantwal taluk

    • The team recovered ₹4 lakh in cash and mobile phones used in the scam. The main masterminds behind the operation are still on the run.

    Police said both cases highlight the rising sophistication of cyber frauds that exploit fake trading platforms and social media connections. Authorities urged citizens to exercise extreme caution before investing online.