A resident of Mutaga village in Belagavi taluk has been defrauded of Rs 19.5 lakh by cybercriminals who lured him with promises of doubling his investment through online stock market trading.
How the Scam Unfolded
The victim, identified as Bhushan Patil, was added to an investment-related WhatsApp group by an unknown individual. He was then bombarded with continuous messages claiming that he could earn substantial profits in a short period by investing in stock market trading and IPOs. To create a false sense of credibility, some group members shared fake screenshots and messages showing high returns, giving the impression of successful investments.
Influenced by these deceptive claims, Bhushan Patil transferred a total of Rs 19.5 lakh in multiple installments to various bank accounts provided by the accused during October 2025.
Fraudsters Go Silent
After receiving the money, the accused initially maintained communication and promised profits for a few days. However, they later stopped responding and severed all contact, leaving the victim with no returns and no access to his invested amount.
Realizing that he had been cheated, Bhushan Patil approached the police and filed a complaint.
Police Investigation Underway
Based on the complaint, a case has been registered at the CEN police station in Belagavi. Police are currently examining bank account details, mobile numbers, and WhatsApp group information. Efforts are underway to trace the network of cyber fraudsters involved in the scam.
Authorities have urged the public to exercise caution while engaging in online investment opportunities and to verify the authenticity of such schemes before transferring money.
