Mangaluru: Retired man loses Rs 31.58 lakh in investment fraud

Udupi: A 65-year-old man from Hebri has lodged a police complaint alleging he was defrauded of Rs 31.58 lakh by individuals associated with a Bengaluru-based agro products firm.

The complainant, who retired in 2020 after serving as a material manager in Bengaluru, stated that an acquaintance, Rohith K, employed at the agro company, convinced him to invest by promising high returns.

Between September 14, 2021, and January 28, 2022, the complainant invested Rs 5.5 lakh and received Rs 2.5 lakh as interest. However, in September 2024, the company reportedly shut down. Following this, Rohith contacted him again, claiming a substantial amount had been sanctioned to repay investors, but said additional payments were needed to cover processing and income tax charges.

Believing it, the complainant was persuaded to transfer funds to the accounts of Rohith’s driver Nagaraj, his associate Jagadish, and his brother Pradeep. Trusting their assurances of a larger payout, the complainant transferred Rs 31.58 lakh in multiple instalments via PhonePe, Google Pay, and NEFT between September 17, 2024, and June 5, 2025.

Despite the payments, no money was returned. The accused allegedly severed contact and even issued threats.

Hebri police have registered a case against Rohith, Pradeep, Lakshmi, Nagaraj, and Jagadish under Sections 316(2), 318(4), 351(2), 351(3), and 190 of the Bharatiya Nyaya Sanhita (BNS).