Elderly man Loses Rs 18 lakh to online investment fraud
Bantwal: A 74-year-old resident of B. Mooda in Bantwal was defrauded of Rs 18.92 lakh to links that promised of good returns for investment in online trading.
In the complaint to Bantwal Town Police on Thursday, Subraya Rama Madiwala said that he recently received a message from an unknown number through WhatsApp that undertaking online trading through ‘Kuroto Capital Fund’ would fetch good returns for the investment. He then joined a WhatsApp group related to online trading and also attended a webinar related to the issue.
Having been convinced of good returns, Mr Madiwala started sending money to bank accounts purportedly linked to groups involved in online trading. He first transferred Rs 50,000 in November 2023 and followed it with an investment of Rs 2 lakh on January 11, 2024. He invested a total of Rs 18.92 lakh but failed to receive any money in return. When he inquired by calling the persons linked to the bank accounts, they asked the former to make more investments.
Having realised about being cheated of the amount, Madiwala filed the complaint. The Bantwal Town police registered his complaint for offences punishable under Sections 66 (C) and 66(D) of the Information Technology Act and under Sections 419 and 420 of the Indian Penal Code.