Another man duped of Rs. 88.12 lakh in bogus U.S. tax return scheme
Mysuru: A Mysuru city-based entrepreneur and six of his acquaintances have allegedly been cheated of nearly Rs. 2.75 crore in a trading scam, while in another incident, a resident lost Rs. 88.12 lakh after falling victim to a fake investment scheme.
Separate cases have been registered at the Vidyaranyapuram and Cyber, Economic and Narcotics (CEN) Police Stations.
According to the Police, the businessman from J.P. Nagar came in contact with one Gaurav Singh Rathod of Jharkhand in July 2025. Rathod allegedly lured him into investing in a trading business by assuring that the investment was safe, could be withdrawn at any time and would fetch monthly returns of 30 to 40 percent.
Believing the claims, the businessman invested Rs. 25 lakh in August 2025, transferring the amount in phases to bank accounts specified by Rathod. To gain his confidence, Rathod initially paid around Rs. 6 lakh as returns in instalments.
Lure of more profits
Encouraged by the apparent profits, the businessman persuaded six of his acquaintances to invest Rs. 25 lakh each. Together, they invested nearly Rs. 2 crore between August and October 2025. However, Rathod reportedly paid returns for only one month before stopping the payments.
Whenever the investors demanded their money, Rathod allegedly kept making excuses and assuring them that the returns would be credited soon.
Growing suspicious, the businessman travelled to Rathod’s native place in Jharkhand, where residents reportedly informed him that Rathod had cheated several others using a similar modus operandi by promising high returns through trading and siphoning off crores of rupees.
Realising that he had been duped, the businessman lodged a complaint at the Vidyaranyapuram Police Station.
Friend cheated of Rs. 88.12 lakh
In another case, a resident of Vidyanagar was allegedly cheated of Rs. 88.12 lakh by a friend from Chamarajanagar, who claimed to be authorised to file Income Tax returns for clients in the United States.
The accused allegedly promised monthly profits of four to five percent through a partner company.
Between May 1 and Nov. 29, 2025, the victim transferred Rs. 20.69 lakh to various bank accounts and initially received small returns, which helped the accused gain his confidence.
Later, the accused allegedly claimed that Rs. 30 lakh was blocked in a bank account and demanded additional payments to a so-called bank manager, Income Tax officer and back-end team to facilitate its release.
Believing the claims, the victim transferred another Rs. 67.42 lakh online till May 15, 2026. In all, he lost Rs. 88.12 lakh before realising that he had been cheated. A case has been registered at the CEN Police Station.
This post was published on June 28, 2026 7:30 pm