Udupi, Aug 11: A man from Karkala has allegedly lost ₹32.68 lakh after falling victim to a fraudulent investment scheme that promised high returns through share and IPO investments.

According to a complaint filed by Lakshman, the fraud began on July 17 when he came across a video on Facebook promoting an investment platform identified as “JB (Julius Baer VIP Group)” and the 5paisa app. The video allegedly claimed that investments made through the platform could generate returns of up to double the invested amount.

After clicking on a link shared in the video, Lakshman was reportedly added to WhatsApp groups named “JB (Julius Baer VIP Group)” and “5paisa”. Members of the groups allegedly persuaded him to invest in various shares and IPOs by promising substantial returns.

Believing the claims, Lakshman transferred money in multiple instalments between July 17 and August 4. In total, he allegedly invested ₹32.68 lakh.

However, the promised returns never materialised, and he was also unable to recover the money invested. Suspecting that he had been cheated through a fraudulent investment scheme, Lakshman approached the police and lodged a complaint.

Based on the complaint, Karkala Rural Police have registered a case under Section 66(D) of the Information Technology Act and Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), and initiated an investigation.