BENGALURU: A 48-year-old man and his family lost Rs 4.25 crore in a stock market fraud allegedly involving family friends, who lured them with promises of a 35% return.
According to the complaint filed by Shankar (name changed), one Hari Subramaniam, known to the family, often discussed stock market investments with them. He allegedly persuaded the complainant to invest in Globe Capital Investment Private Limited and introduced him to Ramprasad Ashwin, who claimed to be a sub-broker associated with the Delhi-based brokerage firm.
The duo promised consistent returns of 35–36% annually or monthly and lured the family into investing. Shankar first transferred Rs 1.25 crore to Globe Capital Market Ltd’s account, after which his family members invested an additional Rs 3 crore.
The accused allegedly collected details of their demat accounts, login credentials, and OTPs, and carried out unauthorised transactions without their knowledge. A case has been registered under the IT Act.
The alleged fraud took place in 2021, and the facts are being verified, a police officer said.