Udupi Man Loses Rs 50 Lakh in Fake Stock Market Scam
By ETF Desk
A resident of Udupi was reportedly scammed out of more than Rs 50 lakh by a fraudulent stock market investment scheme that masqueraded as a legitimate brokerage.
According to local reports, the scheme lured the victim through an online platform that promised high returns on market shares, only to divert the invested money into the scammers’ accounts. Such scams have been on the rise across Karnataka, with perpetrators often using sophisticated websites and impersonating licensed brokers.
The loss has impacted the victim’s financial security and raised concerns about the safeguards in the mutual‑fund and stock‑market investment space. Authorities have launched an investigation and are urging the public to verify the credentials of investment advisors before committing funds. Source: Google News – Udupi.