Mangaluru: Man cheated of Rs 13.72 lakh in fake online trading scam

Mangaluru: Man cheated of Rs 13.72 lakh in fake online trading scam

Mangalore Today News Network

Mangaluru, Feb 12, 2026: A 46-year-old man has alleged that he was cheated out of Rs 13.72 lakh by fraudsters who lured him into a bogus online trading and investment scheme through WhatsApp.

According to the complaint, on September 2, 2025, he was added to a WhatsApp group titled “B-53 Wealth Academy,” allegedly operated by a person identifying himself as Praveen Patel. The group regularly shared stock market tips and investment advice. On September 17, Patel reportedly detailed his “investment journey,” highlighting high profits and urging members to invest through a platform called TENCORE under the Qualified Institutional Buyer (QIB) category.

Patel directed the complainant to contact another individual, identified as Chris Harper, for assistance in opening an account. The victim was initially advised to invest Rs 50,000.

On October 6, 2025, he transferred Rs 50,000 to a specified account. Within two days, the app showed a profit of Rs 6,500, and he was able to withdraw Rs 1,500, which increased his confidence in the platform.

Encouraged by the apparent returns, he transferred Rs 1 lakh on October 19. Based on trading suggestions from Patel, his total investment of Rs 1.55 lakh allegedly grew to Rs 3.25 lakh on the app.

The complainant said he was later persuaded to invest in 182 shares. During further transactions, a purported “technical error” led to excess share allocation, prompting additional payment demands. On October 20, he transferred Rs 1.07 lakh as instructed.

On October 22, he transferred Rs 3.04 lakh to an account in the name of HIFERK Technologies. Two days later, when the app displayed profits of up to 300% in a “Midwest” stock trade but did not allow him to sell the shares, he was told to make further payments.

He subsequently transferred Rs 1 lakh via UPI and Rs 3.07 lakh via RTGS to another account. Despite these payments, the app allegedly demanded an additional Rs 4,04,586, warning that failure to pay would lead to SEBI action and restrictions on selling shares.

On October 27, lured by promises of 200% returns and hoping to recover his earlier investments, he transferred Rs 4,04,586 from his Surathkal account to an account in the name of SK Enterprise.

The complainant stated that when the market opened the next day, the app showed his total investment value at Rs 13,72,586 and, after selling shares at a claimed 200% profit, displayed Rs 42 lakh. However, when he attempted to withdraw the amount, he was informed that a 38% tax had to be paid before the funds could be released.

Realising that he had been duped, he approached the police. A case has been registered at Surathkal police station.