Udupi Man Loses Over ₹50 Lakhs in Fake Stock Market Scam
By ETF Desk
A 50‑year‑old Udupi resident, Mr. R. N. Reddy, was lured into a fake stock market investment scheme orchestrated by a group claiming to provide high‑yield returns. The scammers promised him a 15% monthly profit, convincing him to invest over ₹50 lakh before the scheme collapsed, leaving him with significant financial losses.
According to police reports, the fraudsters used sophisticated online marketing, including fake testimonials and doctored account statements, to appear reputable. The Udupi Police Department, in collaboration with the Karnataka State Crime Investigation Bureau, has opened a case file under the Economic Offences Act to track the suspects and retrieve the stolen funds.
The incident has raised concerns over inadequate due diligence among local investors. Experts say many people in the region lack awareness of the importance of checking a company's registration with the Securities and Exchange Board of India (SEBI). The police are urging the public to verify investment opportunities through official SEBI listings before committing money.
Source: Google News – Udupi.