Investment Fraud — Udupi man loses ₹49 lakh
A 72-year-old man from Udupi and his family lost ₹49 lakh in an online investment scam. Fraudsters promised high returns and used WhatsApp groups to manipulate them into investing.
Executive Summary
A 72-year-old man from Udupi and his family lost ₹49 lakh due to an online investment fraud. Fraudsters used WhatsApp groups to lure them into investing with promises of high returns, highlighting the risks associated with online investment schemes.
Background
Francis Castalino, a 72-year-old resident of Udupi, reported that his son was included in a 'Stock Market Navigation' group on WhatsApp. The group administrators convinced Castalino and his family to invest in fake stock market schemes promising good returns.
Incident Details
On December 30, Castalino transferred ₹17 lakh to the account provided by the fraudsters. Subsequently, his wife transferred ₹10.5 lakh, and his son transferred ₹21.5 lakh. When they attempted to withdraw the invested amount, the fraudsters demanded additional payments to release the funds, effectively defrauding the family.
Modus Operandi
The scammers used social engineering via WhatsApp, creating a sense of trust and urgency. They promised high returns on investments and manipulated victims to transfer large sums of money. Such scams target families with limited awareness of online fraud.
Consequences
The family lost a total of ₹49 lakh. This case highlights the growing trend of online investment fraud in India, particularly targeting older individuals and their families.
Prevention Tips
• Always verify the authenticity of investment opportunities. • Avoid transferring funds based on unsolicited messages or social media groups. • Consult with a certified financial advisor before making large investments. • Report suspicious groups or messages to authorities immediately.
References
• The Hindu, January 2, 2025: Investment fraud, Udupi man loses ₹49 lakh • General online investment fraud awareness reports
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