Mangaluru: City police arrested  a 34-year-old man from Belthangady in connection with cheating investors in online trading on October 6.

The arrested has been identified as Herman Joyson Lobo (34) resident of Belthangady.

The Mangaluru police had issued a lookout notice against Herman. On October 3, Herman was arrested at the Delhi airport by the local police and brought to Mangaluru by the Mangaluru police.

Herman was trading online through three Demat accounts. Two persons had filed a case against Herman in the Bunder police station for cheating them of Rs 50 lakhs. It is learnt that Herman has cheated a number of investors.

Herman was assuring investors of doubling the money and asking them to invest in online trading. In the beginning, he had made a profit for his investors and won their trust. Many people who had gained through Herman, trusted him and had invested a huge amount in online trading but Herman later cheated them.

Police commissioner N Shashi Kumar has requested those who have been cheated by Herman to file a complaint. After the arrest of Herman, another person has filed a complaint with the Cyber Crime.