Belagavi : A 60-year-old man from Sarvodaya Colony in Hindawadi was allegedly duped of Rs 21.9 lakh in an online investment scam after fraudsters lured him with promises of high returns from stock market trading through a YouTube advertisement using Union finance minister Nirmala Sitharaman ’s name.
The victim came across the advertisement on June 20, according to a complaint filed with Belagavi CEN Police. They initially asked him to invest Rs 22,000. Acting on their instructions, he made multiple transactions between June 20 and July 21 and eventually transferred a total of Rs 21,93,999 through the purported trading platform.
Belagavi CEN Police registered a case and launched an investigation into the alleged cyber fraud. Stay updated with the latest Hubballi news. It claimed investors could earn substantial profits through stock market trading and allegedly featured the finance minister’s name, leading him to believe it was genuine. After clicking the link in the advertisement, the man registered by submitting personal details, including his name and address. He was subsequently contacted through Telegram app and phone calls by individuals who identified themselves as Sandeep Sharma and Mahesh Srinivas. The suspects allegedly persuaded him to invest in stock trading through a platform called Prime Trade FX, promising lucrative returns. Over the following weeks, the accused allegedly persuaded him to transfer larger amounts, claiming higher investments would generate bigger profits. When he did not receive the promised returns or get his invested amount back, the victim suspected he had been cheated and approached the police. Police are verifying the accused’s identities and the bank accounts and digital platforms used in the transactions. Police have advised the public to exercise caution while responding to investment advertisements on social media and other online platforms. They warned people against transferring money to unknown individuals or platforms that promise unusually high returns. Download the TOI App.