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Belagavi: An IT professional from Shivbasav Nagar here was duped of Rs 62 lakh by online fraudsters who lured him through a fake investment website. A case was registered at the cyber crime, economic offences, and narcotics (CEN) police station in Belagavi.According to police, the fraudsters contacted the victim through Instagram, promoting a fictitious investment platform that claimed to offer high returns through ‘forest trading.’ To win his confidence, they initially showed fabricated profits and even credited small returns to his account. Once convinced, the victim made two large investments amounting to Rs 62 lakh.Acting swiftly after the victim reported the fraud, the CEN police managed to stop the transfer of Rs 20 lakh to the bank account of the fraudster. However, the victim, who works in one of the IT companies, already suffered a loss of Rs 42 lakh. Investigations traced the accused to Rajasthan.Explaining the modus operandi, CEN Inspector BR Gaddekar said: “Fraudsters exploit social media platforms like Instagram to lure people into fake investment schemes. They tempt victims with high returns, show false profits on small investments, and then pressure them to deposit large sums. Once the money is transferred, they shut down the website.”Calling the case ‘shocking,’ Gaddekar added that online fraud cases are on the rise in Belagavi, with the police receiving 2–3 complaints daily. To counter the trend, the CEN is conducting awareness campaigns in colleges and urging the public to avoid falling prey to fraudulent investment offers driven by greed for high returns.
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