Mangaluru Man Loses Rs 12.5 Lakh in Elaborate Online Trading Scam
A 39-year-old man from Mangaluru has filed a formal complaint with the police, alleging that he was systematically cheated out of a staggering sum of Rs 12.5 lakh by a group of sophisticated fraudsters. The scam revolved around a fake online trading platform that enticed victims with the false promise of exceptionally high returns on their investments.
The Initial Contact and Lure
According to the detailed complaint filed at the Mangaluru Rural police station, the victim's ordeal began on December 15, 2025. He first encountered a seemingly legitimate advertisement related to online trading while browsing Facebook. Intrigued by the offer presented, he clicked on the link embedded in the advertisement and proceeded to enter his personal details.
Later that same day, the victim was contacted via WhatsApp by an individual who identified himself as Siddharth Vipul. This person provided what appeared to be comprehensive and detailed information about various trading opportunities, establishing a facade of credibility.
The Step-by-Step Financial Drain
The accused, operating under the alias Siddharth Vipul, then advised the complainant to begin trading through a specific website. He sent a UPI link to facilitate the initial investments. Following these instructions meticulously, the complainant made his first investment of Rs 21,000 on December 15.
Encouraged by the website's display of supposed profits, he invested a further Rs 48,000 on December 23. The platform continued to show a growing balance, reinforcing the illusion of a successful venture.
The fraudster then escalated the scheme. In a phone call, he convinced the victim that investing in the digital gold market would yield double the profits. Trusting this claim, the complainant transferred a significant sum of Rs 5 lakh to a specified bank account via RTGS on January 14.
The demands did not stop there. Shortly after, the accused contacted the victim again, this time claiming that due to high face values in Nasdaq trading, additional funds were urgently required. Once more, the complainant complied, transferring another Rs 5 lakh to a different account on January 30 via RTGS.
The final pressure tactic came when the fraudster insisted that an immediate investment of Rs 1.8 lakh was necessary to secure all accrued profits, with the threat that failure to do so would result in losing the entire opportunity. The victim transferred this amount on February 3, bringing his total losses to Rs 12.5 lakh.
The Unraveling of the Scam
After completing these transactions, the trading website displayed a balance of 76,528 USDT (a cryptocurrency) in the complainant's account. However, when he attempted to withdraw this amount, he found the process impossible. Upon contacting Siddharth Vipul for clarification, he was told that a 15% tax on the trading profits had to be paid before any withdrawal could be processed.
This demand raised red flags. The complainant wisely asked the accused to provide official GST documents to legitimize this tax payment. When the fraudster failed to produce any such documentation, the victim's suspicions were confirmed. He realized he had fallen prey to an elaborate and well-coordinated financial fraud.
A formal case has been registered at the Mangaluru Rural police station. This incident serves as a stark warning to the public about the dangers of online investment schemes that promise unrealistically high returns, especially those initiated through unsolicited social media advertisements and messaging platforms.
