Man loses Rs 1.2cr in online investment scam

Kochi: In yet another case of cyber fraud, a 59-year-old man lost Rs 1.2 crore in Thrikkakara after being lured into a fake online investment scheme. Thrikkakara police registered an FIR on Tuesday based on the victim's complaint. A resident of Vazhakala, originally from Mavelikkara in Alappuzha, he was approached by fraudsters through social media and promised high returns from online share trading. According to police, the accused convinced him to invest through a platform named FMI-FBS Markets Inc. Trusting the scheme, the victim transferred Rs 1,20,18,500 in multiple instalments between Oct 15, 2025, and March 3, 2026, using his bank account in Mavelikkara and his wife's account in Thrikkakara. Police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Efforts are under way to trace the money trail and identify those who received the funds. Officers said such frauds are on the rise across the city. Earlier this year, a 71-year-old resident of Gandhi Nagar lost Rs 89 lakh after being added to a WhatsApp group titled ‘Wealth Growth Research Group' and lured into a similar investment scam. In another case, a 30-year-old doctor from Kanayannur lost Rs 37 lakh after being contacted through a matrimony website. A 41-year-old man from Mavelipuram lost Rs 34.55 lakh after interacting with a fake Facebook profile named ‘Krishnapriya Vijayan' and later investing through a fraudulent site. A 32-year-old woman from Mundamveli also fell victim after responding to an Instagram advertisement, losing Rs 5.32 lakh in 18 instalments. Police said both young professionals and elderly individuals with savings are being targeted. In one breakthrough, city police traced a matrimony fraud case to a Cambodia-based racket and arrested those involved. Investigations indicate that over 6,000 cybercrime groups, including trained Malayalees, operate from Phnom Penh under foreign supervision. Police have urged the public to remain cautious and avoid investment offers that promise unusually high returns, warning that such schemes are often fraudulent.