Belagavi Man Loses ₹21.93 Lakh in Online Investment Scam

BELAGAVI: A 60-year-old man from Sarvodaya Colony in Hindawadi, Belagavi, allegedly lost ₹21.93 lakh in an online investment scam after fraudsters lured him with promises of high returns through stock market trading.
Source : https://timesofindia.indiatimes.com/city/hubballi/belagavi-man-loses-21-9l-in-online-investment-scam/articleshow/134839823.cms

According to a complaint filed with Belagavi CEN Police, the victim came across a YouTube advertisement on June 20 that allegedly used the name of Union Finance Minister Nirmala Sitharaman to make the investment offer appear genuine.

After clicking the advertisement, he was contacted through Telegram and phone calls by individuals identifying themselves as Sandeep Sharma and Mahesh Srinivas. They allegedly persuaded him to invest through a platform called Prime Trade FX, initially asking for ₹22,000.

Between June 20 and July 21, the victim reportedly transferred a total of ₹21,93,999 in multiple transactions, believing he would earn substantial profits.

When neither the promised returns nor his invested money materialised, he approached the police.

Belagavi CEN Police have registered a case and launched an investigation to verify the identities of the suspects and trace the bank accounts and digital platforms involved.

Police have urged the public to remain cautious of online investment advertisements promising unusually high returns and to avoid transferring money to unverified individuals or trading platforms.

Read also : Belagavi Gears Up for Nine Nights of Navratri Fervour