A 54-year-old resident of J.P. Nagar in Mysuru has lost ₹1.77 crore in an online trading fraud. The scam was executed through a fake trading application, Mysuru City Police said. The victim was lured through a WhatsApp group claiming links to a U.S.-based investment management firm.
Police said the victim transferred money through RTGS to several bank accounts by December 20, 2025. The accounts were linked to local companies. The funds appeared as “Top Up Capital” in the trading app. The app displayed unusually high profits, which built trust in the scheme.
When the victim attempted to withdraw the money, fraudsters demanded capital gains tax payments. The tax amount was asked to be sent to private bank accounts. At this stage, the victim realised the fraud and approached the police.
Investigators said the WhatsApp group promised share market training and extraordinary returns. Members were later introduced to a woman named Meera, posing as a company representative. Police warned citizens against fake investment offers on social media. People were advised to verify financial services through official channels. Cyber frauds should be reported to 1930 or cybercrime.gov.in.
