Elderly Mangaluru man loses Rs 23.3 lakh in online investment scam: Here’s what happened

Online scams have constantly been on the rise in India. In one such recent case, a 68-year-old man from Mangaluru lost Rs 23.3 lakh after being lured into an investment scheme on WhatsApp, according to local police. The fraud unfolded over several weeks, with the victim repeatedly persuaded to transfer money through UPI, IMPS, and RTGS to advance his investments.

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The ordeal started on August 16, when the man received a WhatsApp message offering a stock market investment opportunity, complete with links and a contact number. He registered via an app using his name, mobile number, and email. Between August 22 and September 15, he wired funds in phases to multiple bank accounts.

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The victim grew suspicious only after he was told to pay Rs 11.5 lakh in “taxes” first, when asked for a refund. On September 20, he approached the police and lodged a complaint. The CEN Crime police station has since registered a case.

This isn’t the only incident. At the same time, a woman at Urva police station reported losing Rs 9.1 lakh after clicking a promotion on Facebook featuring high-profile names like Sudha Murthy and India’s finance minister. She was persuaded into transferring funds after being pitched “guaranteed profits” via a fake investment portal.

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Such cases are on the rise, targeting elderly people. Fraudsters are using social media ads and WhatsApp messages to cast a wide net. They often use professional-looking websites, financial jargon, or celebrity endorsements to gain trust. Here’s how you can stay safe. 

Online investment scam: How to stay safe 

1. Watch out for Red flags like large or repeated money requests, vague investment apps, demands for extra “fees” or “taxes” before payouts.
2. Always verify the identity and credentials of any investment platform. Check for regulatory registrations, user reviews, and official websites.
3. Avoid clicking suspicious links or registrations, especially via WhatsApp or social media.

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Himani Jha

Himani Jha is a tech news writer at Digit. Passionate about smartphones and consumer technology, she has contributed to leading publications such as Times Network, Gadgets 360, and Hindustan Times Tech for the past five years. When not immersed in gadgets, she enjoys exploring the vibrant culinary scene, discovering new cafes and restaurants, and indulging in her love for fine literature and timeless music. View Full Profile