Mangaluru: Man duped of Rs 10.55 lakh in digital gold investment scam

Mangalore Today News Network

Mangaluru, Mar 3, 2026: A 57-year-old man was allegedly cheated of ₹10.55 lakh by online fraudsters who lured him into investing in a so-called digital gold trading platform through Instagram.

According to the complaint, the victim was browsing Instagram at his residence on November 12, 2025, when he received a message from an account identified as “Suhani Patel.” The accused engaged him in friendly conversation and persuaded him to invest in the “digital gold market,” promising high returns.

The fraudster later shared a mobile number and sent a link via WhatsApp, asking him to download an application called “Kanak Daam Exchange.” The victim installed the app and registered as instructed.

He was told that all transactions would be handled through the app’s customer service. Acting on the directions given, he contacted customer support through the app and requested US dollars in exchange for Indian rupees. He was then asked to transfer money to specific bank accounts provided by the accused.

Trusting the claims, the complainant transferred ₹1,50,000, ₹3,45,000 and ₹5,60,000 in multiple transactions, totalling ₹10,55,000.

The app subsequently showed that his investment had grown to ₹60 lakh. However, when he attempted to withdraw the amount due to personal financial needs, he was unable to do so. On contacting customer service, he was told that he needed to pay 30 per cent of the total amount as “tax” before any withdrawal could be processed.

Suspecting foul play, the victim approached officials at Canara Bank, who informed him that it was a fraud and advised him not to transfer any more money. When he conveyed this to the accused, the amount reflected in the app dropped to zero and he was blocked from further communication.

Despite repeated attempts to reach “Suhani Patel,” the accused allegedly continued to promise that the money would be returned before eventually blocking him.

The complainant stated that he was cheated of ₹10,55,000 between November 12, 2025, and February 27, 2026, and has sought legal action against the fraudsters. A case has been registered.