Udupi Man Scammed Out of Over Rs 50 Lakh in Fake Stock Market Scheme
By ETF Desk
A resident of Udupi was duped out of more than Rs 50 lakh after joining a scheme that masqueraded as a legitimate stock market investment opportunity.
The fraudulent promoters operated under a purported brokerage firm and promised unusually high returns, using enticing online advertisements and personal referrals. Victims were instructed to wire money to fictitious accounts, and the scam operated for several months before losing track of several investors, many of whom had invested their life savings.
The police have launched an investigation into the matter and have issued a stern warning to the community to verify the credentials of any investment advisor before committing funds. The incident underscores the growing threat of financial fraud in the region. Source: Google News – Udupi.