An IT professional from Shivbasav Nagar in Belagavi lost ₹62 lakh after being trapped by online fraudsters through a fake investment website. The case has been registered at the cyber crime, economic offences and narcotics (CEN) police station.
According to police, the victim was contacted via Instagram, where fraudsters promoted a bogus investment scheme under the guise of ‘forest trading.’ To build trust, they initially showed manipulated profits and even credited small returns to his account. Convinced, the victim went on to invest ₹62 lakh in two installments.
After the complaint was filed, the CEN police intervened quickly and managed to block a transfer of ₹20 lakh to the fraudsters’ account. However, the victim still incurred a loss of ₹42 lakh. Investigations revealed that the accused were operating from Rajasthan.
Explaining the scam, CEN Inspector B.R. Gaddekar said fraudsters use social media platforms like Instagram to lure people with promises of high returns, display fake gains on minor investments, and then push them to deposit large amounts. Once the money is received, they shut down the website.
Calling the incident “shocking,” Gaddekar noted that cyber fraud cases are increasing in Belagavi, with 2–3 complaints being reported daily. To curb the trend, the CEN has been conducting awareness programs in colleges and cautioning the public against falling for such fraudulent investment schemes.
