A 60-year-old man in Belagavi allegedly lost ₹21.94 lakh in an online investment scam promoted through a YouTube advertisement.
The victim, identified as Kishor, a resident of Hindawadi in Karnataka’s Belagavi, approached the Cyber, Economics and Narcotics (CEN) police after allegedly being cheated through an investment scheme promising high returns from stock market trading. The advertisement reportedly used the name of Union Finance Minister Nirmala Sitharaman to attract investors.
According to the complaint, Kishor came across the advertisement on June 20 and registered through a link provided with the promotion. He was subsequently contacted by a person identifying himself as Sandeep Sharma, who allegedly added him to a Telegram group where investment opportunities and the prospect of substantial returns were promoted.
How did the alleged investment scam begin?
The complaint states that Kishor was encouraged to invest after joining the Telegram group. The individuals involved allegedly presented the scheme as an opportunity to earn significant profits through stock market investments.
Another person, identified as Priyansh Sharma, allegedly received ₹22,000 from Kishor through PhonePe during the initial stages of the interaction. The payment was followed by further requests for money, with the accused reportedly assuring the investor that larger investments would generate higher returns.
The use of a public figure’s name in the YouTube advertisement may have helped the promotion appear credible. However, there is no information indicating that the Finance Minister was connected to the alleged scheme.
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How was the victim persuaded to transfer money?
Kishor was allegedly instructed to transfer funds from his bank account in instalments through a website presented as an investment platform. The people communicating with him reportedly continued to promise attractive returns from stock market trading.
Trusting these assurances, he transferred additional amounts over the course of the interaction. According to his complaint, neither the money invested nor the promised profits were returned.
The total alleged loss stands at ₹21.94 lakh. The available information does not specify the number of instalments, the full details of the website or the accounts that ultimately received the funds.
The case highlights how online investment schemes can use advertisements and private messaging groups to persuade individuals to commit increasing amounts of money. Promises of high returns may encourage victims to continue transferring funds without independently verifying the legitimacy of the platform.
What action have the CEN police taken?
The CEN police registered a case following Kishor’s complaint and launched an investigation into the alleged fraud. Investigators are expected to examine the website, financial transactions and digital communications associated with the scheme.
The inquiry will also seek to establish the identities of the individuals using the names Sandeep Sharma and Priyansh Sharma and trace the money transferred by the complainant. Records linked to the PhonePe payment, bank transfers and Telegram communications may help investigators reconstruct the sequence of events.
Police have not disclosed further details about the destination of the funds or whether other victims have been identified. The investigation remains ongoing, and the allegations against the suspected individuals have yet to be established through the legal process.
What precautions can investors take?
The incident underscores the importance of verifying investment opportunities before transferring money. Advertisements featuring prominent public figures, claims of guaranteed profits and invitations to private messaging groups should not be treated as proof that an investment scheme is genuine.
Investors should independently verify the identity of financial service providers and check whether a platform is authorised to offer the services it advertises. They should also be cautious about repeated requests for additional payments and avoid relying solely on assurances made through messaging applications.
In Kishor’s case, the alleged fraud involved a YouTube advertisement, a Telegram group and transfers through digital payment channels. The police investigation will determine how the scheme operated, who was responsible and whether the money can be traced and recovered.
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