Mangaluru, Sept 8: The lure of quick profits in the stock market has cost a city resident a staggering ₹1.1 crore, after he was drawn into an elaborate scam run through WhatsApp.
The ordeal began on July 17 when the complainant was added to a WhatsApp group run by a man identifying himself as Virender Singh. Claiming expertise in stock trading, Singh promoted a platform called Russell Investment and assured high, risk-free returns.
He later introduced the complainant to “Kristin,” who posed as a customer relationship officer. On August 11, Kristin personally guided him to open a trading account through a registration link, which displayed Indian and US stocks — giving the appearance of a legitimate platform.
Convinced by repeated promises of huge profits, the man began transferring funds. Between August 13 and September 2, he moved a total of ₹1.1 crore via RTGS and NEFT into bank accounts shared by the fraudsters.
Trouble surfaced when he attempted to withdraw his money. The scammers demanded an additional 20% payment as “tax,” warning that his funds would otherwise be blocked. Alarmed, he consulted friends and quickly realised he had been duped.
The case has now been registered at the Cyber Economic and Narcotics (CEN) Police Station. Investigations are underway to track down the culprits.
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