Mangaluru man duped of Rs 10.55 lakh in ‘digital gold’ investment scam

Mangaluru: A 57-year-old man has allegedly been cheated of Rs 10.55 lakh by online fraudsters who lured him into investing in a so-called digital gold trading platform through Instagram.

According to the complaint, the victim was browsing Instagram at his residence on November 12, 2025, when he received a message from an account named “Suhani Patel.” The accused struck up a friendly conversation and persuaded him to invest in the “digital gold market,” claiming that it would yield high returns.

The accused later shared a mobile number and sent a link via WhatsApp, advising the complainant to install an application named “Kanak Daam Exchange.” The victim downloaded the app and registered on it as instructed.

The accused told the complainant that all transactions would be handled through the app’s customer service. Following their instructions, the complainant contacted the customer service through the app and sent a message requesting US dollars in exchange for Indian rupees. He was then directed to transfer money to specific bank accounts provided by the accused.

Believing the claims, the complainant transferred Rs 1,50,000, Rs 3,45,000 and Rs 5,60,000 in multiple transactions, amounting to a total of Rs 10,55,000.

Subsequently, the app displayed that his total investment had grown to Rs 60 lakh. However, when the complainant attempted to withdraw the amount due to personal financial needs, he was unable to do so. On contacting customer service, he was informed that he would have to pay 30 per cent of the total amount as “tax” before any withdrawal could be processed.

Growing suspicious, the complainant reportedly consulted officials at Canara Bank, who advised him that it was a fraud and warned him not to transfer any more money. When the complainant conveyed this to the accused through a message, the amount shown in the app was reduced to zero and he was blocked from further communication.

Despite further attempts to contact “Suhani Patel,” the accused allegedly continued to assure him that the lost money would be returned, before eventually blocking him.

The complainant has stated that he was cheated of Rs 10,55,000 between November 12, 2025 and February 27, 2026, and has urged the police to initiate legal action against the fraudsters.

A case has been registered.