Two citizens fall victim to stock market trading scam, lose Rs 1.07 crore in coastal Karnataka

Victims joined WhatsApp group named '613 HDFC Securities Official Stock', which offered online training in share trading and ended up losing their hard-earned money.

Mangaluru: Two individuals have lost a total sum of Rs 1,07,68,000 to fraudsters in the name of share market trading in two separate cases in Mangaluru and Udupi.

A complaint has been registered at the Kavoor police station regarding a person being defrauded of Rs 90.90 lakh under the pretence of earning high profits through share market trading.

The complainant reported receiving a message on July 1 from a WhatsApp group named '613 HDFC Securities Official Stock', which offered online training in share trading.

On July 16, an unknown individual sent a link to him to open a trading account, where the complainant entered personal details and opened an account. Initially, Rs 5,000 was invested.

Subsequently, from July 22 to August 16, a total of Rs 90.90 lakh was transferred to various bank accounts as instructed by unknown people.

The complainant alleged that the invested money was not allowed to be withdrawn, resulting in fraud.

In a separate case, a man has lost Rs 16,78,500 to online fraud in the name of share trading. In a complaint, Abdul Rafiyat said that he received an invitation to join a WhatsApp group called WEBISDOM.

He joined the group which then shared details on share market trading and asked him to invest in the share market. Accordingly, he transferred Rs 16,78,500. However, he failed to get back the invested amount and the profit.

A case has been registered at CEN station under Section 66(c), 66 (d) of IT act and 318 (4) of BNS.