Rs 13.72 lakh lost in fake online trading and investment scheme

Mangaluru: A 46-year-old man has alleged that he was cheated of over Rs 13.72 lakh by fraudsters who lured him into a fake online trading and investment scheme through WhatsApp.

According to the complaint, on September 2, 2025, the victim received a message on WhatsApp from a group named “B-53 Wealth Academy”, operated by a person identifying himself as Praveen Patel. The group regularly shared stock market tips and investment guidance. On September 17, 2025, Patel explained his “investment journey,” highlighting profits and benefits of trading, and encouraged the complainant to invest through a platform called TENCORE under the Qualified Institutional Buyer (QIB) category.

Patel directed him to contact another person, identified as Chris Harper for assistance in opening an account. The complainant was initially advised to invest Rs 50,000.

On October 6, 2025, he transferred Rs 50,000 to an account. Within two days, he was shown a profit of Rs 6,500 on the app and was able to successfully withdraw Rs 1,500, which boosted his confidence.

Encouraged by the apparent returns, he transferred Rs 1,00,000 on October 19, 2025. Based on trading suggestions from Patel, his total investment of Rs 1,55,000 reportedly grew to Rs 3,25,000 on the app.

The victim said he was later persuaded to invest in 182 shares, and when attempting further transactions, a “technical error” allegedly resulted in excess share allocation, leading to additional payment demands. On October 20, he transferred Rs 1,07,000 as instructed.

Subsequently, on October 22, he transferred Rs 3,04,000 to an account in the name of HIFERK Technologies. On October 24, when the app displayed profits of up to 300% in a “Midwest” stock trade but did not allow him to sell shares, he was told to make further payments.

He then transferred Rs 1,00,000 via UPI and Rs 3,07,000 via RTGS from his account to another account. Despite these payments, the app continued to demand Rs 4,04,586, allegedly threatening that failure to pay would result in SEBI action and restrictions on selling shares.

On October 27, lured by the promise of 200% returns and in hopes of recovering his earlier investments, he transferred Rs 4,04,586 from an account in Surathkal to an account in the name of SK Enterprise.

The complainant stated that when the market opened the next day, the app showed his total investment value at Rs 13,72,586 and, after selling shares at 200% profit, displayed Rs 42 lakh. However, when he attempted to withdraw the amount, he was informed that a 38% tax had to be paid before any funds could be released. Realising he had been defrauded, he approached the police.

A case has been registered at Surathkal station.