MCC chalks out proposal for cricket stadium, sports complex in Mangalore

Mangaluru, Oct 22: A Mangaluru resident has fallen victim to a ₹20 lakh scam after being lured into a fraudulent investment scheme by individuals posing as representatives of J.P. Morgan India. The case, filed at Kadri police station, highlights the growing threat of investment fraud in the region.

The victim, whose identity has not been disclosed, was contacted on September 24 by a man named Vishwanathan, who falsely introduced himself as the Chief Investment Strategist for J.P. Morgan India. Shortly after, a woman named Neeta Sharma reached out, using multiple phone numbers to convince the victim of her association with the prestigious financial firm. She shared a company link and urged the victim to invest ₹20 lakh, promising high returns.

On October 14, after being convinced by Neeta's claims, the victim transferred ₹20 lakh to the fraudulent account. Following this, Neeta instructed the victim to purchase 1,000 shares at ₹240 per share, which he did. The next day, she advised buying 7,900 more shares at ₹250.95 each, further strengthening her false credibility.

However, trouble arose when Neeta told the victim to withdraw the invested amount. Instead of receiving the full sum, the victim was sent only ₹1,500, transferred from an unknown account. When questioned, Neeta could not provide a clear explanation for the discrepancies.

Sensing the deceit, the victim demanded a full refund of his investment. Neeta, however, brazenly asked for an additional ₹4 lakh, prompting the victim to realize the extent of the fraud. He then filed a formal complaint with the Kadri police.

This incident serves as a critical reminder for the public to remain vigilant against fraudulent schemes, particularly those involving investment promises from unverified sources. Always ensure that you verify the legitimacy of financial institutions and representatives before transferring funds. 

The Kadri police are investigating the case and have urged the public to stay alert and report any suspicious investment schemes.

Tips to Protect Yourself from Investment Scams:

1.    Verify Credentials: Always cross-check the credentials of anyone claiming to represent a reputable financial institution. Use official contact information from the company's website to verify.

2.    Be Skeptical of Unsolicited Offers: Be cautious of unexpected investment offers, especially those that promise unusually high returns.

3.    Conduct Thorough Research: Before investing, investigate the company and the proposed investment thoroughly. Look for reviews, ratings, and any red flags.

4.    Report Suspicious Activity: If you suspect a scam, report it immediately to local authorities or financial regulatory bodies to prevent further fraud.

Mysuru: K. Marigowda, Chairman of the Mysuru Urban Development Authority (MUDA), resigned on Wednesday, citing health issues and directions from Chief Minister Siddaramaiah.

Marigowda, once considered a close confidant of the Chief Minister, met with Siddaramaiah earlier in the day before submitting his resignation to the Principal Secretary for Urban Development in Bengaluru. While he was unavailable for direct comment, he informed the media that the CM had instructed him to step down. "My health is not good. I’ve suffered two strokes and am unable to carry out my duties effectively," Marigowda said.

His resignation follows an incident on September 27, when he was confronted by Congress party members at Mysuru Airport in Mandakalli during Siddaramaiah's visit. Supporters of the CM, who had gathered in large numbers, accused Marigowda of being responsible for the CM’s recent difficulties. Despite his attempts to explain, they demanded he leave the premises, forcing him to depart under pressure. Marigowda had previously served as president of the Mysuru Zilla Panchayat.

The resignation also comes amid ongoing investigations by the Lokayukta Police. A case was filed on September 27 against Siddaramaiah, his wife B.M. Parvathi, brother-in-law B.M. Mallikarjuna Swamy, and J. Devaraju, following a special court directive to investigate a complaint by Mysuru-based RTI activist Snehamayi Krishna.

The case involves a 3.16-acre plot of land in Kesare (Survey No. 464) in Mysuru taluk, which Mallikarjuna Swamy gifted to Parvathi. Parvathi had requested alternative land for this Kesare property, which was developed by MUDA without acquiring it. In return, she received 14 sites in the Third and Fourth Stages of Vijayanagar.

Following the court's order, the Lokayukta Police formed four special teams on September 28. An inspection of both the original Kesare land and the 14 alternative sites in Vijayanagar was conducted in the presence of the petitioner. Mallikarjuna Swamy and Devaraju were questioned on October 10.

Additionally, an Enforcement Case Information Report (ECIR) was filed on September 30 under the Prevention of Money Laundering Act (PMLA) against Siddaramaiah and others, based on the Lokayukta FIR.

Subsequently, Parvathi requested MUDA to reclaim the 14 sites. The process began on October 1, when MUDA received a letter from Parvathi via her son, MLC Dr. Yathindra. The sites were officially returned by October 3. The Lokayukta Police investigation continues.