Student loses Rs 31.99 lakh in an online trading scam in Mangaluru

Mangaluru: A student pursuing homoeopathy education and also assisting in priestly duties was allegedly cheated of Rs 31.99 lakh in an online trading scam after promised high returns.

In a complaint to the CEN crime police station, the victim said that he has a savings account at a bank branch in Surathkal, where he deposited his personal savings and income from priestly services. He received a message from an unknown number in November offering an investment opportunity under “DBS Trading.” The unknown person promised daily returns of 5 to 10 per cent. Later, he was promised of up to 800 per cent returns by the end of December if he invested larger amounts.

Trusting the promise, the complainant transferred money online as instructed by the fraudsters. An unidentified woman introducing herself as Meena Bhat acted as his “guide” and continuously persuaded him to invest. He was also told that the Managing Director of DBS Trading was one Rajath Verma, who contacted him through several other WhatsApp numbers.

Between November 5 and 26, the complainant had transferred a total of Rs 31,99,800 to various bank accounts provided by the accused. When demanded the return of his money, fraudsters asked him to pay more in the name of taxes, processing charges and so on. Realising that he has been cheated, he submitted a complaint to the CEN crime police station.