Udupi man loses over ₹50 lakh in fake stock investment scam
By ETF Desk
A 45‑year‑old resident of Udupi District, Karnataka, was defrauded of more than ₹50 lakh after falling prey to a fraudulent stock market investment scheme that promised unusually high returns. The scam, promoted through an online platform posing as a legitimate brokerage, lured the victim with sensationalized performance records and demanded personal and bank details.
According to police reports, the operator collected the victim’s financial information and secured signed investment agreements before instructing the transfer of funds. The payment, made via a local bank, was not reflected in any legitimate brokerage account; instead, it was diverted to an overseas account linked to the fraudster. Victims have been advised to check the registration status of investment advisors with the Securities and Exchange Board of India (SEBI) and to be wary of unsolicited investment opportunities.
Police have registered a formal complaint and are coordinating with cybercrime units to trace the perpetrators. The case underscores the prevalence of such scams in urban and semi‑urban Karnataka and serves as a warning to the local community to exercise caution before investing in unfamiliar market schemes. Source: Google News – Udupi.