Elderly couple from Bengaluru duped of Rs 1.58 crore in fake stock scam

Bengaluru: A 74-year-old Sahakar Nagar resident and his wife lost Rs 1.58 crore after cybercriminals, posing as representatives of stock brokerage 5Paisa, lured him into a fake investment scheme on WhatsApp.

The unidentified cybercriminals contacted the victim on WhatsApp, added him to groups where members, most likely their proxies, shared success stories and screenshots of earnings.

He was then shown a dashboard with daily stock market updates, investment status and gains. Unknown to him, it was a manipulated platform used to mislead victims, police said.

The suspects also shared ledgers showing investments and gains, leading him to trust them.

Between February 16 and April 24, the senior citizen transferred Rs 1,58,75,000 from his and his wife's bank accounts to several accounts shared by the cybercriminals.

"All this time, the victim believed his investments were making returns as he saw the gains in the dashboard," a police officer said.

When he tried to withdraw his money, the scammers refused and demanded more in the form of taxes and other charges.

Realising he had been cheated, he approached the police. The Northeast CEN police registered an FIR and launched a probe.

Karnataka reports 783 fraud cases

Police data reviewed by DH shows 783 cases of fake investment fraud were registered in Karnataka in the first three months of 2026, including 223 in March alone.

"This is becoming a very common modus operandi, driven by greed. The public should be careful not to believe such schemes and investment opportunities. No reputed broker shares tips and conducts business on WhatsApp groups," the officer said.