Mangaluru Man Loses Rs 63 Lakh in Cryptocurrency Investment Scam

Man loses Rs 63L in cryptocurrency scam

  • A Mangaluru man lost Rs 63 lakh after being lured into a cryptocurrency investment scam that promised high returns and commissions.
  • Another individual was defrauded of Rs 32 lakh in a part-time job scam that initially paid small returns to build trust before collecting larger investments.
  • Both victims filed police complaints after realizing they had been scammed when communication ceased and promised returns failed to materialize.

Two separate online Scams in Mangaluru have resulted in losses exceeding Rs 95 lakh for victims who were promised significant financial returns. In one case, a man lost Rs 63 lakh to cryptocurrency fraudsters, while another individual was defrauded of Rs 32 lakh in a part-time job scheme. Both incidents have been reported to local police stations.

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Cryptocurrency Scam Claims Rs 63 Lakh

According to police reports, the first victim was approached in January 2025 by someone identifying himself as Reyasen on Facebook. The scammer, who claimed to be a cryptocurrency trader, introduced another individual named Peter Paul as his mentor. The victim was encouraged to join a platform called BITFINEW.COM Investment Trading, with promises of substantial profits and a 30% commission on returns.

Communication continued via WhatsApp, where the scammers explained how daily investments would generate significant profits. Convinced by these claims, the victim transferred funds between February 2 and February 23, using both bank transactions and cash through money exchange services. In total, approximately Rs 63 lakh was sent to various accounts provided by the scammers.

When the victim later attempted to withdraw his investments, he encountered multiple excuses and delays. After consulting with friends, he realized he had been defrauded and filed a complaint with the CEN police station in Mangaluru.

Part-Time Job Scam Results in Rs 32 Lakh Loss

In a separate incident, another Mangaluru resident fell victim to an online part-time job scam. On February 26, he received a Telegram message from someone identifying herself as Manvi, who offered a business opportunity involving simple tasks like rating hotels. The scheme required an initial investment of Rs 10,000.

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The scammers built trust by providing returns on small investments. On March 10, after transferring Rs 10,000 to an account held by Ashok Dattarwal, the victim received Rs 17,000 for completing a task. Encouraged by this success, he made another Rs 10,000 investment the following day and received similar returns.

Between March 11 and April 2, the victim made phased payments totaling Rs 32 lakh to multiple individuals identified as Kishan Kumar, Ratheesh K, Prahlad Ahyavar, Shahjahan Ali, Piyush Santosh Rao, Yash Vaidyanath Kasare, Rameshwar Lal, and Ananthu Krishna.

When returns stopped and communication ceased, the victim realized he had been scammed and filed a complaint at the Ullal police station. Authorities are now investigating both cases as part of efforts to combat the rising trend of online financial fraud.

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