Mysuru man loses Rs 1.77 crore in trading app scam

Mysuru City Police Commissioner Seema Latkar has advised people to stay vigilant against such fraudsters who are creating fake advertisements on social media platforms in the name of reputed financial institutions.

Mysuru: A 54 year old man from Mysuru city has lost Rs 1.77 crore through a fake trading application.

According to a police complaint, the victim has stated that he lost money in a large-scale investment fraud carried out through a WhatsApp group and a trading application operated under the name 'Polen Capital'.

He has explained that the accused Magnananda Sharma created a WhatsApp group claiming that he would train members in share market trading to help them earn extraordinary profits. He later introduced to another accused Meera, who claimed to be a representative of 'Polen Capital'. Members were informed that trading would be done as' Qualified Institutional Buyers'(QIBs) in Indian and US markets.

Then the victim was informed by Meera that foreign institutions cannot maintain bank accounts in India and therefore funds must be deposited into accounts of various local companies. Hence, the victim had transferred funds via RTGS to various bank accounts by December 20, 2025. These deposits were reflected as 'top up capital' in the 'Polen Capital' app, where huge profits were shown. As on December 31, 2025, it displayed a total value of Rs 15,49,74,164.168. When he wanted to withdraw the funds, the fraudsters demanded to pay Capital Gains Tax to private accounts. At this point, the victim realised he had been cheated under the guise of trading.

Mysuru City Police Commissioner Seema Latkar has informed this in a press release. She has urged people to be cautious about such 'fake investment and trading scams' and has asked them to stay alert and protect themselves from such online investment frauds.

She has advised people to stay vigilant against such fraudsters who are creating fake advertisements on social media platforms in the name of reputed financial institutions.

She has told them not to trust investment offers received through social media platforms like facebook, WhatsApp, telegram or any unknown websites. She has urged people to always verify the authenticity of financial services directly from the official website or customer care of the company. She has warned that reputed institutions never ask customers to invest through personal whatsapp numbers or unofficial groups. She has suggested people to avoid clicking on random investment links or downloading unknown apps.

City top cop has directed people to report cyber frauds immediately on the 1930 helpline or www.cybercrime.gov.in. In case of any emergency of cyber frauds, people can call or text on whatsApp [phone] and 9480802263 .