Chikkamagaluru man loses ₹1.28 crore in Facebook investment scam

Chikkamagaluru,  : In a shocking case of online fraud, a man from Chikkamagaluru district has reportedly lost ₹1.28 crore after falling prey to a fake investment scheme promoted through Facebook. The incident has once again highlighted the growing threat of cyber scams targeting unsuspecting individuals.

According to police, the victim, identified as Kallegowda from Shivapura village in Kadur taluk, came across an online trading advertisement while browsing Facebook. The advertisement, allegedly linked to a platform named “FYERS,” promised high returns on investments. Trusting the claims, he joined a WhatsApp group named “F8-FYERS Securities,” where fraudsters posed as financial experts.

The scammers gradually gained his confidence by showcasing fake profit screenshots and convincing narratives about stock market success. Lured by the promise of quick and substantial returns, Kallegowda began transferring money in phases. Over a period of time, he deposited a total of ₹1,28,10,000 into multiple accounts provided by the fraudsters.

Initially, the victim was shown fabricated profits on a digital dashboard, further encouraging him to invest more. However, when he attempted to withdraw the amount, the fraudsters stopped responding. It was only then that he realised he had been cheated.

Following the incident, a complaint has been registered at the Cyber, Economic and Narcotics (CEN) police station in Chikkamagaluru. Police have launched an investigation to trace the accused and track the money trail. Officials suspect the involvement of an interstate cybercrime network operating through social media platforms.

Authorities have urged the public to remain cautious while dealing with online investment schemes, especially those promising unusually high returns. “People should verify the authenticity of trading platforms and avoid joining unknown groups on social media,” a senior officer said.

The case comes amid rising instances of cyber fraud across Karnataka, where fraudsters are increasingly using social media platforms to target victims. Police have advised citizens to report suspicious activities immediately and avoid sharing personal or financial details online.