Udupi: A 59-year-old man has allegedly lost ₹20.17 lakh in a stock market scam after being lured by promises of high returns.
Vinod, the complainant, stated that he discovered an online stock market-related company, PML Securities, on November 2 last year. Encouraged by its offerings, he began investing through the company’s mobile applications, PML Max and PML PRO, starting from November 27.
Initially, his investments were returned in line with the IPO (Initial Public Offering) process, reinforcing his trust in the platform. However, trouble arose when he attempted to withdraw his funds, only to find himself unable to do so. Upon contacting the company, he was allegedly persuaded that additional payments were required to unlock his money.
Trusting the assurances given, Vinod continued making payments, transferring a total of ₹20.17 lakh to various bank accounts linked to the company until December 24. The complaint alleges that the operators of PML Max and PML PRO deceived him by falsely promising substantial returns on stock market investments.
A case has been registered at the Manipal Police Station, and an investigation is underway.
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