Kowdiar Man Loses Rs 3.75 Crore in Online Trading Scam

A 68-year-old resident of Kowdiar has fallen victim to an online trading scam, losing a total of Rs 3.75 crore. The elderly man, who lives alone and is an experienced trader, was tricked into making 11 transactions over several months by a group of cyber fraudsters.

According to police, the accused contacted the victim in July 2024 and offered online trading tips and free classes. The victim was also added to a WhatsApp group with over 50 people, where members shared stories of large profits made through the same platform — trade.finnix-group.org.

The group appeared professional, and the initial investments brought in visible profits, convincing the victim to invest larger sums. However, despite the account showing increased profits, the victim was unable to withdraw any money.

When the victim questioned this, the accused cited technical issues and pressured him to invest more, claiming he would soon become a billionaire. Realising he had been cheated, the victim approached the police and filed a complaint.

City cyber police have registered a case and launched an investigation. The case has been filed under multiple sections of the Bharatiya Nyay Sanhita — 318(4) for cheating, 319(2) for impersonation, 336(2) and 336(3) for forgery, 340(2) for fraudulent use of forged documents — and Section 66(D) of the Information Technology Act, which deals with cheating by personation using computer resources.

Police have urged the public to remain cautious about online trading platforms and to verify the authenticity of investment schemes before transferring money.