Mangaluru man, 74, duped of Rs 1.77 crore in 'American commodities' investment scam

The victim received returns in his bank initially, which boosted his confidence and he started 'investing' higher amount only to realise that he had been cheated.

Mangaluru: A 74-year-old man has allegedly been cheated of Rs 1.77 crore by an unidentified fraudster who lured him into investing in online American commodities on the pretext of higher returns.

According to the complaint, the victim received a phone call on December 24 last year from a person who identified himself as Shoib Ghauri from a firm named Ventrade.

The caller claimed that investments in American commodities trading will generate substantial profits. He told the complainant that any amount transferred in Indian rupees would be converted into US dollars and invested on his behalf.

The accused stayed in touch with the victim through email, WhatsApp, and phone calls. Initially, the complainant invested a small sum and even received some returns in his bank account, which boosted his confidence in the scheme.

Convinced by the assurances and expecting higher gains, he subsequently transferred larger amounts through RTGS, NEFT, and IMPS to bank accounts provided by the accused.

Police said that between January 5 and February 2,  the victim transferred a total of Rs 1,77,64,668.22 to the specified accounts. Having realised that he has been cheated , a complaint was registered at CEN Station in Mangaluru.