Mangaluru: Man loses Rs 76 lakh in online stock market scam

Mangaluru: Man loses Rs 76 lakh in online stock market scam

Mangalore Today News Network

Mangaluru, March 21, 2025: In a case of online fraud, a man fell victim to scammers, losing 76.32 lakh after being enticed by promises of high returns in stock market investment.

According to the police, the complainant received a message from Sagarika Agarwal on Telegram app on December 12. The complainant received an online link on WhatsApp for the investment and instructed them to create a login ID and password.

On December 20, 2024, the victim invested 1,200 dirhams (Rs 27,600) into the bank account specified. The victim received a small dividend that month. Enticed by the promise of higher returns, the victim was made to pay a total of Rs 76,32,145 in installments from December 20 to March 11.

The profit amount in the ‘fake’ account created by the fraudsters had reached approximately Rs 1.36 crore. When the victim requested the return of the invested amount along with the dividend, he was told that the money could not be refunded without paying taxes.

After realising that he has been cheated, a case has been registered at CEN station.