Udupi: Police crack two online trading scams, six arrested; Rs 6 lakh seized

Udupi: Police crack two online trading scams, six arrested; Rs 6 lakh seized

Mangalore Today News Network

Udupi, September 5, 2025: Udupi district police have busted two major online trading scams, arresting six suspects and recovering Rs 6 lakh in cash along with mobile phones used to cheat investors.

In the first case, 51-year-old Teertharaj Shenoy of Perampalli Ambagilu was duped of Rs 44 lakh through fake Telegram groups — Capital Gains Crew and Fidility Institutional Partners F-101. Acting on his complaint, the Cyber Economic and Narcotics (CEN) Police arrested Shoeb Ahmed (28) and Muddasir Ahmed (40), both from Hunsur, Mysuru district, and seized Rs 2 lakh in cash and phones.

In the second case, 54-year-old Jossy Ravindra D’Cruz from Shankarpura, Kapu, lost Rs 75 lakh after being lured into a fraudulent gold trading scheme by a woman he met on Facebook. A police team arrested four accused — Mohammed Kais (20) of Surathkal, Ahmed Anveez (20) of Hejamadi, and Safwan (30) and Taseer (31) of Bantwal taluk — recovering Rs 4 lakh in cash and mobiles.

Police said the kingpins behind the rackets are still absconding. Superintendent of Police Hariram Shankar, IPS, warned investors to remain vigilant against online trading offers promising unrealistic returns.