Bengaluru | In yet another major cyber fraud case involving online investments, a 50-year-old Bengaluru resident has allegedly lost ₹5.95 crore after being lured into investing through a fraudulent online trading platform. The victim was reportedly promised extraordinary returns and shown artificial profits worth nearly ₹50 crore before realizing that he had fallen victim to an elaborate scam.
According to police, the case involves a resident of northwest Bengaluru who has lodged a complaint with the Cyber Crime Police Station. In his complaint, the victim stated that he first learned about online trading opportunities through acquaintances. Since he had limited experience in financial trading, he began searching online for guidance and investment advice.
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During this process, he allegedly came into contact with a woman identified as Shilpa Shivakumar through Google and Facebook. According to the complaint, the woman and her associates presented themselves as professional investment advisors and offered to assist him with trading activities in exchange for a share of the profits.
The victim was subsequently instructed to register on an online trading platform called “PU Prime,” which was allegedly portrayed as a legitimate platform designed for Indian investors. Initially, he invested a relatively small amount and began trading through the platform. Within a short period, the dashboard started displaying steadily increasing profits, creating the impression that the investments were performing exceptionally well.
Police said the apparent gains significantly boosted the victim’s confidence in the platform. The accused allegedly allowed him to withdraw small amounts during the initial stages, convincing him that the platform was genuine and that his investments were secure. Cybercrime investigators note that such tactics are commonly used in investment scams, where limited withdrawals are permitted to establish credibility before larger sums are solicited.
To further verify the platform’s authenticity, the victim reportedly opened a second trading account without informing the suspects. According to the complaint, this account also displayed substantial profits, reinforcing his belief that the platform was operating legitimately and generating real returns.
Encouraged by the apparent success, the victim continued investing larger amounts over time. The suspects allegedly persuaded him to increase his investments by highlighting the impressive profits reflected in his trading accounts and promising even greater returns. As a result, he transferred funds from both his own and his wife’s bank accounts through multiple transactions.
The complaint states that the total amount invested eventually reached ₹5.95 crore. The victim further alleged that the trading dashboard showed accumulated profits of nearly ₹50 crore, leading him to believe that his investments had generated extraordinary returns.
However, problems reportedly began when he attempted to withdraw a substantial portion of the displayed profits. Delays, restrictions, and other obstacles raised suspicions, prompting him to investigate further. It was only then that he realized the entire operation may have been part of a sophisticated cyber fraud scheme.
Preliminary findings suggest that the profits displayed on the platform were not linked to actual market activity. Instead, investigators suspect that the dashboard was designed to show fabricated gains and manipulated figures intended to persuade investors to deposit increasing amounts of money. Such scams often rely on fake performance charts, artificial account balances, and misleading transaction records to create the illusion of successful trading.
According to a researcher at Future Crime Research Foundation, “Cybercriminals involved in investment and trading frauds frequently use social media platforms, search engines, and messaging applications to establish trust with potential victims. Displaying initial profits, permitting limited withdrawals, and gradually encouraging larger investments have become common tactics in such schemes. The researcher advised investors to thoroughly verify the legitimacy, regulatory status, and independent reviews of any investment platform before committing funds.”
Police have registered a case and launched an investigation. Officials said they are examining financial transactions, digital records, bank accounts, and other evidence to trace the flow of funds and identify those responsible. Efforts to locate the suspects are currently underway.
