Mysore/Mysuru: A Mysuru resident has been duped of Rs. 17.10 lakh in a well-planned online trading scam.
The fraud was carried out through fake investment platforms and was coordinated by multiple individuals. A case has been registered at the City’s Cyber Crime, Economic Offences and Narcotics (CEN) Police Station.
According to the Police, the victim (name withheld to protect identity) was initially influenced by some of his friends to invest in online trading through a private firm.
Believing them, he began with small investments and was able to withdraw some returns, which helped build his trust in the platform.
However, on Dec. 16, 2025, one of his friends contacted him over WhatsApp, claiming that the company in which he had invested money was not functioning properly and was cheating customers.
The friend then introduced him to another person, who advised the victim to withdraw Rs. 4.23 lakh from the existing account and shift his investment to a different trading platform. Trusting the advice, the victim complied.
Multiple transactions
The fraud escalated from Jan. 1, 2026, when the victim was asked via WhatsApp to share personal details, including his Aadhaar Number, PAN, photograph and bank account information.
He was then instructed to deposit Rs. 1.80 lakh into an Axis Bank account. Between Jan. 4 and Feb. 11, he transferred an additional Rs. 9.60 lakh in multiple transactions. Subsequently, the accused told him he needed to pay taxes to withdraw his profits. Believing this, the victim transferred a further Rs. 5.70 lakh through bank transfers and UPI payments. The fraudulent demands continued in March. On Mar. 12, he was instructed to transfer Rs. 50,000 to one account and then route it to another. The next day, he sent Rs. 45,000 under similar directions.
On Mar. 14, he was invited to join a ‘Zoom’ meeting, where the fraudsters discussed withdrawing his investments and profits, further convincing him of the scheme’s legitimacy.
Fraud discovery
The scam came to light on Mar. 16, when the victim received a message stating that Rs. 95,000 in his ICICI Bank account had been placed under lien (legal claim or right). When he approached the bank on Mar. 18, bank officials informed him that the lien had been marked by the Police.
He immediately contacted the National Cyber Crime Helpline (1930) and was informed that a case had already been registered in this regard at HSR Layout Police Station in Bengaluru.
He later visited the Cyber Police Station in Bengaluru on Mar. 24 and was issued a notice to appear on Apr. 27. During the inquiry, it was confirmed that he had fallen victim to an elaborate fake trading scam. Following this, the victim lodged a complaint at CEN Police Station in Mysuru. Police are investigating.
This post was published on May 3, 2026 6:00 pm