Bengaluru Man Falls Prey To Online Trading Scam, Loses Rs 80 Lakh In Under Two Months

A Bengaluru resident has filed a complaint with Bengaluru police claiming he has lost more than Rs 80 lakh in an online share trading scam. The victim, Kishore M B, has lodged an FIR against two people linked to a company, alleging he was cheated of Rs 80,11,486.

According to the FIR, the victim lost the money between Sept. 17 and Nov. 9. A case has been registered under Sections 66(C) and 66(D) of the Information Technology Act, 2000, and Section 318(4) of the Bharatiya Nyaya Sanhita, 2023.

The complainant, who holds an ICICI Bank account, came in contact with a company named Aastha Credit & Securities Pvt. Ltd. online. Through this connection, he got familiar with two individuals identified as Aarav Gupta and Meena Joshi, who have been named in the FIR.

According to the victim, he was added to a WhatsApp group titled “9015 Aastha VIP Moksha Circle” by an unknown person on Sept. 17. In that group, the members promoted an app called ACS Trade, claiming it offered high returns from online share trading.

Falling prey to the promise of high returns, the victim also downloaded the application through an online link and began investing his money. Over time, the complainant transferred Rs 34,55,492 in multiple installments and subsequently Rs 21,80,000 to accounts provided by the alleged fraudsters.

When he later attempted to withdraw his profits, he was asked to make additional payments under the pretext of processing fees. As a result, he then again transferred another Rs 23,72,594. In total, the victim invested Rs 80,11,486 across various accounts, but neither his principal amount nor any returns were received.

The 54-year-old victim is a resident of Krushnamurthy Layout, Sanjaynagar in Bengaluru. He filed a complaint on Nov. 10, following which the police have initiated an investigation into the alleged online trading fraud.