Daijiworld Media Network – Mangaluru
Mangaluru, Feb 11: A 46-year-old man has alleged that he was cheated of over Rs 13.72 lac by fraudsters who lured him into a fake online trading and investment scheme through WhatsApp.
According to the complaint, on September 2, 2025, the victim received a message from a WhatsApp group named “B-53 Wealth Academy,” reportedly operated by a person identifying himself as Praveen Patel. The group regularly shared stock market tips and investment guidance.
On September 17, Patel explained his so-called “investment journey,” claiming significant profits and benefits of trading, and encouraged the complainant to invest through a platform named TENCORE under the Qualified Institutional Buyer (QIB) category. Patel directed him to contact another person, identified as Chris Harper, for assistance in opening an account. The complainant was initially advised to invest Rs 50,000.
On October 6, 2025, he transferred Rs 50,000 to a bank account. Within two days, the app showed a profit of Rs 6,500, and he was able to withdraw Rs 1,500 successfully, which boosted his confidence.
Encouraged by the apparent returns, he transferred Rs 1,00,000 on October 19. Based on trading suggestions from Patel, his total investment of Rs 1,55,000 allegedly grew to Rs 3,25,000 on the app.
Later, he was persuaded to invest in 182 shares. When attempting further transactions, a so-called technical error allegedly resulted in excess share allocation, leading to additional payment demands. On October 20, he transferred Rs 1,07,000 as instructed.
On October 22, he transferred Rs 3,04,000 to an account in the name of HIFERK Technologies. On October 24, when the app displayed profits of up to 300 per cent in a “Midwest” stock trade but did not allow him to sell the shares, he was told to make further payments.
He then transferred Rs 1,00,000 via UPI and Rs 3,07,000 through RTGS to another account. Despite these payments, the app allegedly demanded an additional Rs 4,04,586, threatening that failure to pay would result in SEBI action and restrictions on selling shares.
On October 27, lured by the promise of 200 per cent returns and in hopes of recovering his earlier investments, he transferred Rs 4,04,586 from his Surathkal bank account to an account in the name of SK Enterprise.
The complainant stated that when the market opened the next day, the app showed his total investment value at Rs 13,72,586 and, after selling shares at 200 per cent profit, displayed Rs 42 lac. However, when he attempted to withdraw the amount, he was told that a 38 per cent tax had to be paid before funds could be released. Realising that he had been cheated, he approached the police.
A case has been registered at Surathkal police station, and further investigation is underway.