Udupi: A 45-year-old man from Mangaluru has alleged that he was cheated of Rs 3.5 lakh after being lured into investing in a forex trading scheme that promised high returns. The victim filed a complaint with the police, stating that the accused, Aravind Nayak, along with an accomplice named Harish, tricked him into the fraudulent investment.
How the Scam Unfolded
According to the complaint, the victim met the accused through a common acquaintance, Harish, about a year ago. On March 20, 2025, Nayak allegedly invited the complainant for discussions on a forex trading business operating under the name ‘Mine Crypto’. During the meeting, Nayak assured the victim of a 7% return on the invested amount and persuaded him to invest money.
Trusting the offer, the complainant transferred Rs 3.5 lakh in instalments of Rs 50,000 per day between March 21 and March 27, 2025. However, when the victim later inquired about the returns, the accused cited technical issues as the reason for the delay.
Legal Action Taken
The complaint further alleged that the accused neither returned the invested amount nor paid any profit, thereby cheating the complainant. A case has been registered under Sections 318, 316, 61(2), 340(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS). The police are investigating the matter.
