Udupi: Police in Karnataka’s Udupi district have registered a case against four persons, including three women, for allegedly cheating investors of ₹30.9 lakh through a purported share investment scheme. The accused allegedly promised to double the victims’ money through a foreign company’s dollar-based investment plan before shutting down their office and absconding.
Foreign Investment Claim Used To Gain Trust
According to police, the accused visited the complainant’s residence on June 19 and claimed that their company operated from an office in Malpe.
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They allegedly told the complainant that the company specialised in share market investments and could double the invested amount within a short period. The accused also claimed that the firm was foreign-based and that a one-time investment would be converted into a dollar-denominated portfolio.
Investors Allegedly Duped Of ₹30.9 Lakh
Believing the claims, the complainant invested money on her own behalf as well as on behalf of family members and others.
Investigators said the accused collected a total of ₹30.9 lakh through the scheme. When investors later demanded their money and promised returns, the accused allegedly failed to repay them.
Office Shut, Accused Abscond
Police said the company’s office was later found closed and the accused had disappeared. Based on the complaint, Malpe Police registered a case under Sections 316(2), 318(4) and 3(5) of the Bharatiya Nyaya Sanhita.
Investigators are now examining the bank accounts, financial transactions, identities of the accused and the legitimacy of the purported investment company. Police are also checking whether more investors were targeted through the same scheme.
