Bengaluru Man Loses Rs 89 Lakh in Online Stock Trading Scam

Bengaluru: A 50-year-old resident of Malleshwaram was scammed out of Rs 89,45,459 by fraudsters posing as representatives of an online trading company. According to the Central Crime and Economic Offences (CEN) police, the victim was initially approached on September 19 by an individual claiming to be an executive of an online trading firm.

The scammer reportedly assisted the victim in opening an Over-the-Counter (OTC) account for trading in medium and small-cap companies via a link provided by the accused. After explaining the trading process, the fraudster convinced the victim to make substantial investments across several transactions.

The victim transferred Rs 44,72,745 from his SBI account, Rs 33,92,800 from his UCO Bank account, another Rs 4,12,131 from UCO Bank, Rs 18,914 from Yes Bank, and Rs 6,48,900 from Bandhan Bank, totaling close to Rs 89 lakh.

The victim soon realized he had been deceived when he received neither any returns on his investments nor the principal amount.