Man loses over Rs 20 lakh in stock market scam in Karnataka

UDUPI: A man allegedly lost Rs 20.17 lakh in a stock market scam. In a complaint, Vinod, 59, alleged that he learnt about a stock market-related company named PML Securities online on Nov 2 last year. He started investing money through the PML Max and PML PRO mobile apps from Nov 27 onwards.
Initially, the invested money was returned as per the IPO (Initial Public Offering) process.However, when he later tried to withdraw his funds, he was unable to do so. Upon inquiring with the company, he was convinced that he needed to make further payments to get his money back.
Believing this, the complainant allegedly transferred Rs 20.17 lakh to various bank accounts of the company until Dec 24 last year. As per the complaint, the owners of the PML Max and PML PRO mobile apps deceived him by promising higher returns on stock market investments. A case was registered at Manipal Police Station.