Mangaluru: A man has allegedly fallen victim to an online investment scam, losing Rs 24.2 lakh over several months through fraudulent trading schemes advertised on Instagram and promoted via WhatsApp groups.
According to the complaint, the incident began in March 2024, when the victim clicked on an Instagram advertisement related to trading. This led him to a group named Fyers Market Discussion Group, where a person identified as Sharon Trivedi added him to a WhatsApp chat, introduced various investment schemes, and convinced him to register via an application. After installing the app, Sharon remained in constant contact, explaining institutional stock investments and IPO placements, urging him to invest. The app’s customer support team provided bank account numbers and IFSC codes for deposits.
Scam Unfolds Through Multiple Channels
Later, the complainant encountered another investment company via a similar Instagram advertisement. This time, Ishita Paul, using multiple WhatsApp numbers, persuaded him to invest through a website, which again provided numerous bank details for transactions.
Between April 21, 2024, and May 31, 2025, the victim transferred Rs 24.2 lakh in multiple installments through UPI, RTGS, and IMPS into various bank accounts supplied by these fraudsters. Initially, a small amount was returned to build trust, but when he requested the remaining funds, he was asked to pay taxes and commissions. Even after complying, the scammers demanded a 10% security deposit before processing his withdrawal.
Realization and Legal Action
This demand raised suspicions, prompting the complainant to investigate further. Upon realizing he had been deceived, he waited in hopes of recovering the money, but after receiving no reimbursement, he filed a complaint at the CEN Crime Police Station. A case has been registered, and an investigation is underway.
How to Protect Yourself from Investment Scams
With rising cases of financial fraud, authorities urge individuals to exercise caution before investing online. Here are some steps to avoid falling victim to scams:
• Verify the authenticity of investment platforms and trading groups before engaging.
• Beware of unsolicited messages promoting financial schemes, especially from unknown contacts.
• Do not install unfamiliar trading apps without thorough research.
• Avoid sharing financial details or transferring money without confirmation from official sources.
• Consult financial experts before making large investments.
If you suspect fraudulent activity, report it immediately to cybercrime authorities to prevent further losses.
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