Man loses over Rs 3 lakh after being lured to trading

Udupi: A 45-year-old man from Mangaluru has alleged that he was cheated of Rs 3.5 lakh after being lured into investing in a forex trading scheme promising high returns.

According to the complaint, the victim came into contact with the accused, Aravind Nayak, through a common acquaintance Harish about a year ago. On March 20, 2025, Nayak allegedly invited the complainant for discussions on forex trading business under the name ‘Mine Crypto’. The accused allegedly assured him of a 7% return on the invested amount and persuaded him to invest money.

Believing the offer, the complainant reportedly transferred Rs 3.5 lakh in instalments of Rs 50,000 per day between March 21 and March 27, last year. When the complainant later enquired about the investment returns, the accused allegedly cited technical issues. The complaint alleged that, the accused neither returned the invested amount nor paid any profit, thereby cheating the complainant. A case has been registered under Sections 318, 316, 61(2), 340(2) and 3(5) of the BNS.