Beware of Investment Scams: Mangaluru Man Duped of Rs 20 Lakh in Fake J.P. Morgan Deal

News Network
October 22, 2024

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.

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News Network
October 22,2024

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Bengaluru, Oct 22: Heavy rainfall has once again turned Bengaluru’s streets into rivers, with large-scale waterlogging paralyzing India’s IT capital. As residents brace for more storms, the India Meteorological Department (IMD) forecasts a day filled with thunderstorms, predicting minimum temperatures around 21°C.

"Bengaluru is expected to see a cloudy sky today, with light to moderate rainfall and thunderstorms impacting both urban and rural regions," stated the IMD. The maximum temperature is likely to reach 29°C, while the minimum will hover at 21°C.

Waterlogged streets have significantly slowed down traffic, with major bottlenecks reported along Sarjapura Road near the Wipro and RBD Layout junctions, according to police reports.

The flooding has sparked fresh criticism from opposition parties, who have seized the opportunity to target the Congress-led state government’s handling of the city's infrastructure.

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News Network
October 17,2024

Mangaluru: In a shocking case of cyber fraud, an engineer from Mangaluru lost ₹30 lakh after being deceived by a scammer posing as a Mumbai police head constable.

On October 10, the engineer received a phone call, during which the scammer falsely claimed that 25 fraudulent bank accounts had been opened in his name. The caller alleged these accounts were being used for illegal transactions and urged the victim to act immediately to avoid legal trouble.

The scammer manipulated the engineer into believing that all funds in his personal bank account needed to be transferred for "verification" by the Reserve Bank of India (RBI). In a state of panic, the victim complied, transferring ₹30 lakh to multiple accounts provided by the fraudster.

Adding to the deception, the victim was told to send WhatsApp updates every 20 minutes to track the "progress." Realizing the fraud only after the transfers were completed, the victim filed a complaint, and a case has been registered at the Bajpe police station.

This incident serves as a stark reminder for the public to stay cautious and verify information before acting on unsolicited calls, especially those involving sensitive financial details.

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News Network
October 8,2024

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New Delhi: The Congress on Tuesday afternoon filed a formal complaint with the Election Commission regarding a delay in publishing the leads and results of the Haryana poll. In a brief letter the opposition party said that between 9 and 11 am there was "an unexplained slowdown in updating of results".

"As you can imagine this allows bad faith actors to spin out narratives that undermine the process. You can see examples of it already playing out on social media. Our fear is also that such narratives can then be used by these mala fide actors to influence processes where counting is still underway, i.e., in most of the counting centres," the Congress told the Election Commission.

"We request you to issue immediate directions to your officials to update the website with true and accurate figures, so that false news and malicious narratives can be countered immediately."

Minutes earlier the Congress' Jairam Ramesh said, "... we hope the Election Commission will answer our questions. The results of 10-11 rounds are out... but only four to five rounds are updated on the site." He also flagged those "trying to build pressure by sharing outdated and misleading trends..."

The Congress had raced into an early lead in Haryana as postal votes were counted, only for the BJP to stage a thrilling comeback late morning as ballots were opened. The ruling party then raced into a lead of its own, which it has held since; at noon the BJP held 48 seats - two over the majority mark.

Early celebrations at the Congress' Delhi HQ ground to a halt as the party - which is set to win the first Jammu and Kashmir election in a decade - contemplated a third straight defeat in Haryana.

The party's senior leader in the state - Kumari Selja, who is also in the Congress' chief ministerial race - told NDTV the Election Commission will "have to answer" the question posed.

 "Why is the counting going slowly? It was fine during the Lok Sabha election... so why is the counting going slowly now? It is the responsibility of the EC to tell the world why counting has slowed," she said.

Mr Ramesh, however, insisted the party remains confident.

"There is no need to be disheartened..." he told ANI, "Mind games are being played. There is no need to be disheartened. We are going to get the mandate. Congress will form the government."

The BJP's Sudhanshu Trivedi responded swiftly, declaring the complaining meant the Congress had "accepted defeat". "If Congress has started pointing fingers at Election Commission then we should understand they have accepted defeat..." he told reporters, "Per current trends I feel we are moving to an important win and Congress has started taking precautionary measures for future defeat."

The Congress had made similar complaints in June, when votes were being counted for the general election. Then Mr Ramesh implied the poll panel may have received "orders" to slow down counting.

In that case he had flagged apparent delays in publishing results for seats in Uttar Pradesh and Bihar, which account for over 120 seats between them and in which the ruling BJP (and its ally, the Janata Dal United) was facing a tough challenge from the Congress-led INDIA bloc and its allies. 

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