KOCHI: An elderly man was allegedly defrauded of Rs 1.20 crore in an online trading scam in Kochi. The victim, a native of Mavelikkara currently residing in Vazhakkala, was duped by fraudsters who promised high returns through an online share trading platform.
Based on his complaint, a case has been registered for cheating and criminal breach of trust under the BNS, along with relevant sections of the Information Technology Act, said a police source.
The complaint said the scammers contacted the victim through social media, promising high returns and later introduced him to an online trading platform resembling a forex broker platform named FBS Markets Inc.
Believing their claims, he transferred a total of `1.2 crore from his bank accounts and his wife’s account between October and March 2026. He approached the police after the accused neither returned the invested amount nor provided any profits, said the official.