Udupi: Elderly man defrauded of ₹49 lakh in stock market scam

Udupi: Elderly man defrauded of ₹49 lakh in stock market scam

Mangalore Today News Network

Udupi, January 1, 2025: Francis Castelino (72), a resident of Moodubelle, Udupi, has reportedly fallen prey to an online stock market scam, resulting in a loss of ₹49 lakh.

The fraud began when the scammers added Castelino’s son’s mobile number to a WhatsApp group titled "Stock Market Navigation" using the number 7482980461. Group members shared alluring details about stock market investments, promising substantial returns. Gradually, they gained the trust of Castelino and his family, persuading them to invest large amounts of money.

Following the scammers’ instructions, Castelino transferred ₹17 lakh from his account, his wife transferred ₹10.5 lakh, and their son contributed ₹21.5 lakh to the bank accounts provided by the fraudsters on December 30, 2024. In total, the family invested ₹49 lakh.

When the family attempted to withdraw the promised returns or recover their principal amount, the scammers demanded additional investments. Despite repeated attempts, neither the returns nor the invested sum were refunded, leaving the family with significant financial losses.

A case has been filed at the Udupi (CEN) Police Station. Authorities are investigating the matter to identify the culprits and recover the lost funds.