Mangaluru man loses over Rs 22 Lakh in elaborate online trading scam

Daijiworld Media Network – Mangaluru

Mangaluru, Aug 2: A man from Mangaluru has fallen victim to a sophisticated online trading scam, losing a total of Rs 22,59,613 over several months after being duped by fraudsters impersonating financial authorities and bank officials.

The scam reportedly began on October 15, 2024, when the victim stumbled upon a Facebook video falsely featuring Union Finance Minister Nirmala Sitharaman, promoting a lucrative online trading opportunity. Trusting the apparent endorsement, he clicked on the embedded link and registered his details on the platform.

Shortly after, he received a call from a person identifying himself as Anurag Sharma, who asked him to make an initial deposit of Rs 12,600. Over the following weeks, other individuals—using names such as Nikhil Agarwal, Thomas George, Jetting Navya, and Naveen Tiwari—contacted him, persuading him to invest more money with promises of high returns, bonuses, and even foreign exchange profits.

The victim made multiple transactions, often transferring amounts ranging from Rs 28,400 to Rs 2 lakh, believing the payments were for investment top-ups, penalties for technical issues, or taxes. In one instance, he was told a withdrawal of Rs 60,000 had occurred through a forex exchange, further convincing him of the platform’s legitimacy.

The scammers also went to great lengths to maintain the illusion, including:

• Impersonating bank managers
• Using foreign phone numbers
• Threatening legal action under money laundering laws if he refused to pay

By March 2025, after dozens of transfers and zero returns, the man realised he had been conned. He approached authorities, and a case has been registered at the Kankanady Town Police Station.

The incident underscores the growing threat of online financial fraud and the dangers of trusting unverified sources, even those seemingly endorsed by public figures. Police have initiated an investigation and urged the public to exercise caution when engaging with online investment platforms.