NT Reporter
Panaji
In yet another online investment scam, a man from Dabolim in South Goa reportedly lost over Rs 49 lakh after he was tricked by fraudsters to invest in an IPO (Initial Public Offering), promising high returns. Police said the incident occurred between August and October 2025.
Explaining the modus operandi, police said the scamsters sent WhatApp invites to mobile phone users to join a group, which provided training in stock investments and trading. This is the first step wherein the targets are lured with the promise of high returns on their investments through stock trading etc, police said.
They said the complainant received the WhatsApp invite from a group named ‘VIP 61 fortune’. The complainant said that for 15 days they were taught about stock investment and trading. The complainant has given to the police two mobile numbers of WhatsApp users who scammed him.
Referring to the complaint, the police said that the accused persons misled the complainant into believing that they were licensed stock brokers and persuaded him to download a mobile application named ‘Tencore INV’, claiming it to be SEBI-registered.
On the pretext of investment with high returns, the complainant was induced to transfer a total amount of Rs 49,42,000 from his two different banks into multiple beneficiary accounts.
Police said the complainant realised that he was taken for a ride, as there were frequent demands for money on condition that the invested amount would be returned only after making the fresh payments (towards IPO dues).
It may be noted that recently the cyber crime police probing the biggest online fraud in Goa amounting to Rs 4.74 crore had arrested two accused – Suraj Eknath Savat, a native of Kolhapur, Maharashtra, and Avishkar Suradkar, a taxi driver from Maharashtra.
The police had also summoned one Malathi B N from Bengaluru in connection with the case.
According to police sources, a part of the fraud money was transferred into the accounts of the arrested accused and subsequently routed to multiple accounts.
According to police, a retired employee (72) from Tiswadi had lost the money to a fake IPO. The complainant had come across information pertaining to the IPO of an online payment app on a social media platform.
