Belagavi man loses ₹21.94 lakh in online investment fraud
A 60-year-old resident of Belagavi lost over ₹21 lakh after being lured by a fraudulent online investment advertisement on YouTube. The scammers used the name of a government official to gain trust before stealing funds through a fake investment platform.
Why it matters
This incident underscores the rising threat of sophisticated cyber-financial fraud and the misuse of public figures' identities to deceive vulnerable investors.
A 60-year-old Hindawadi resident has lost ₹21.94 lakh after falling for a YouTube advertisement promising high returns on stock market investments.
The complainant, Kishor, told the Cyber, Economics and Narcotics (CEN) police that he came across the advertisement on June 20, which featured the name of Union Finance Minister Nirmala Sitharaman. He registered through a link provided in the advertisement.
A person identified as Sandeep Sharma later contacted him and added him to a Telegram group. Another person, Priyansh Sharma, allegedly collected ₹22,000 from him through PhonePe.
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