Man from Udupi loses Rs 51.48 lakh in investment fraud

According to the complaint filed by Uday Kumar, he initially joined a Telegram group for academic purposes. On June 20, he received a message promoting an investment plan that claimed to offer 30–50% returns on a minimum investment of Rs 5,000.

Udupi: A 51.48 lakh online investment fraud has been reported in Udupi after a local resident fell victim to multiple fake Telegram trading groups promising high returns.

According to the complaint filed by Uday Kumar, he initially joined a Telegram group for academic purposes. On June 20, he received a message promoting an investment plan that claimed to offer 30–50 per cent returns on a minimum investment of Rs 5,000.

Trusting the group admin’s instructions, the complainant transferred funds over several months to the username shared in the group.

Between June 20 and October 8, he sent Rs 42,75,103 from his two different bank accounts.

The complainant later joined two more Telegram groups — Trusted Venture Capital Ltd and Coinbase Trade Investment.

There, individuals identifying themselves as Praveen Kumar and Agent Bernard persuaded him to make additional transfers. He sent Rs 6,92,000 between August 3 and October 29, and another Rs 1,81,500 between September 3 and October 5.

Despite repeated payments, the promised profits never materialised, nor was his money returned.

Realising he had been cheated, Uday Kumar filed a complaint with the CEN station. Police have registered a case under Sections 66(C) and 66(D) of the Information Technology Act, along with Section 318(4) of the Bharatiya Nyaya Sanhita (BNS).