Udupi: In a shocking case highlighting the growing threat of online investment fraud, a local resident was allegedly cheated of ₹57.7 lakh after being trapped by fraudsters posing as experts of an AI-based trading platform.

According to the complaint, the victim came across a promotional video on Facebook claiming high returns through AI-driven stock trading. Trusting the advertisement, he contacted the number mentioned in it and was soon added to a WhatsApp group named “Manav Verma.”

On September 17, 2025, an unidentified person reached out to him via a WhatsApp call, persuading him to invest in the stock market with promises of substantial profits. The group regularly shared messages reinforcing these claims, creating a sense of credibility.

Convinced by the assurances, the victim began transferring money as instructed. Between December 2, 2025, and February 9, 2026, he transferred a total of ₹57.7 lakh through NEFT and RTGS to multiple bank accounts provided by the accused.

However, no returns were ever received, and the invested amount was not refunded, revealing the entire operation to be a well-planned fraud.

Based on the complaint, the CEN Crime Police Station has registered a case under relevant provisions of the IT Act and the Bharatiya Nyaya Sanhita (BNS).

Authorities have urged the public to remain cautious of online investment schemes promising guaranteed or unusually high returns, especially those promoted through social media platforms and messaging apps.