Udupi Resident Duped of Rs 2.3 Crore in Stock Market Investment Scam
Udupi: Udupi CEN (Cyber, Economic offenses, and Narcotics) Crime Police have registered a case concerning a significant financial fraud amounting to Rs 2.30 crore. The victim, identified as Jayananda, 55 years of age, was allegedly swindled under the false pretense of lucrative stock market investments.
According to police reports, Jayananda was added to a WhatsApp group by unidentified individuals on March 20th. This group purportedly promoted opportunities for high-yield returns through stock market investments, encouraging members to open accounts and participate.
Induced by the promise of substantial profits, Jayananda proceeded to transfer a total of Rs 2,30,65,000 in multiple installments to various bank accounts provided by the individuals behind the WhatsApp group. These transactions occurred between April 1st and May 13th.
The alleged perpetrators have since failed to return the invested principal or deliver any of the promised profits, prompting Jayananda to file a formal complaint with the Udupi CEN Crime Police. Investigations are currently underway to identify and apprehend the individuals responsible for the elaborate scam. Authorities are urging the public to exercise extreme caution when engaging in online investment opportunities and to thoroughly verify the legitimacy of any platform or individual promising guaranteed high returns.