Fraudsters allegedly posed as brokers and used fake apps and documents to cheat the businessman.
A 51-year-old businessman from Bengaluru has allegedly lost Rs 3.8 crore to cyber fraud in which fraudsters impersonated investment brokers and engaged him in fake trading.
According to the police, the accused posed as representatives of a financial services firm and convinced the victim that he was dealing with a legitimate investment company. The fraud took place between July 23 and September 15, 2025, and the North CEN crime police station filed an FIR under provisions of the Information Technology Act and the Bharatiya Nyaya Sanhita.
The victim, a resident of Hebbal in the city, allegedly came across an Instagram advertisement for block trading opportunities. After clicking on the link, he was added to a WhatsApp group titled ‘J-3 Motilal Oswal Wealth Builders’, where several members appeared to share screenshots of high returns. Investigators later said these were likely fake to build credibility and lure the victim further.
The complainant was contacted by individuals who identified themselves as ‘Ananya Mehta’ and ‘Rajat Raj’. believed to be fake names used by the accused. They allegedly guided him through the investment process, directing him to register on multiple fake websites and share KYC details. The victim was also provided with forged SEBI certificates, as per the FIR.
The businessman was convinced after seeing the profit statements within the group. Over the course of nearly two months, he transferred Rs 3.8 crore across several bank accounts linked to the fraudsters.
When he later attempted to withdraw his funds, the requests were denied. Instead, he was asked to pay an additional 30 per cent as “service charges” along with other processing fees, which raised suspicion.
The police said there was a delay in reporting the incident because the victim initially hoped to recover his money. “Due to the massive delay in reporting the offence, recovery becomes challenging in cases like these,” an officer said.
A case has been registered, and efforts are underway to trace the money trail and identify the accused.
Authorities have urged the public to be cautious while engaging with online investment platforms and to verify the authenticity of financial advisors before transferring any funds.( _IE_ )
