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Bantwal: Elderly man loses ₹18 lakh to online investment fraud

Bantwal: Elderly man loses ₹18 lakh to online investment fraud

Bantwal, Feb 03, 2024: A 74-year-old resident of B. Mooda in Bantwal was defrauded of ₹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 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 ₹50,000 in November 2023, and followed it with an investment of ₹2 lakh on January 11, 2024. He invested a total ₹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 investment.

Having realised about being cheated of the amount, Mr. Madiwala filed the complaint. The Bantwal Town police registered his complaint for offences punishable under Sections 66 (C) and 66(D) of Information Technology Act and under Sections 419 and 420 of Indian Penal Code.

Courtesy: The Hindu

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