The Bengaluru Central Crime Police are probing two cases where cyber fraudsters posing as asset management companies lured a city-based businessman and industrialist to invest over Rs 16 crore in the stock market. Two separate cases have been registered in connection with the crime at the Cyber Crime Police Station and an investigation is underway.
According to the FIR, a 72-year-old businessman from Bengaluru named Haripal Singh Uberoi was befriended by fraudsters on Facebook. They offered him stock and IPO suggestions and convinced him that they would manage his stock market portfolios. Uberoi invested Rs 6.01 crore between December 2023 and February 2024 from his various bank accounts. When he attempted to withdraw money from his investments he was not able to do that. Uberoi learned a businessman from Kerala was cheated in a similar fashion and registered an FIR with the Bengaluru Cyber Police. An industrialist from Yelachenahalli loses Rs 10 crore. The owner of Koti Systems Company located in Yelachenahalli Bengaluru was contacted by unknown fraudsters on Facebook.
They promised 10 to 15 per cent returns on stocks and lured the victim to invest Rs 10 crore. He also allegedly could not withdraw money from his investments. The cases have been registered under the Information Technology Act, IPC sections 419 (cheating by personation) and 420 (Cheating and dishonesty) and an investigation is underway.
