Elderly man loses over Rs 1 crore in online trading scam

Kollam: Unidentified people defrauded a 67-year-old man from Kundara of Rs 1.65 crore in a sophisticated online trading fraud after he was lured through social media. The gang initially contacted him via Facebook in Aug 2025, promising lucrative returns through online trading investments.Police said the accused later established regular communication with him through multiple WhatsApp numbers and persuaded him to register on several trading platforms. After gaining his confidence and collecting personal details, the gang convinced him to transfer large sums of money in 18 instalments under the pretext of investment. The funds were deposited into various bank accounts linked to firms and individuals, including S S Enterprises, Maskana Trading Company, A K Trading Company, H K Enterprises, Punit Enterprises, S K Consultancy, M J Enterprises, R B Traders, Maruti Enterprises, Technology Private Ltd, Shivraj Singh Sahari and Raja Babu Dona Patel Manufacturing. However, the man was unable to withdraw either the invested amount or the promised profits from the trading platforms. That was when he realised that it was a scam. He then filed a complaint with the Kollam rural cyber police station. Police have launched an investigation to identify the accused and to track the money trail across multiple accounts. Get the latest lifestyle updates on Times of India, along with Valentine's day wishes, messages and quotes !