Byadagi man loses Rs 91 lakh to online fraud

: A 55-year-old resident of Byadagi was defrauded of Rs 91 lakh through an online that promised high returns, authorities said. Hazarat Ali Babusab Halagere deposited funds into multiple accounts controlled by fraudsters, who invested the money in , an unrecognised entity claiming to be US-based and offering several ‘lucrative' investment options.

The complaint was registered at the Cyber Economic and Narcotics Crime Police Station (CEN) in Haveri, where authorities are investigating the incident. The Enforcement Directorate (ED) attached assets in different states in India worth Rs 29.2 crore following allegations raised in 2024.

Despite this, the Byadagi resident invested funds obtained from selling his agricultural land into a Ponzi scheme operated by the company. According to SR Ganachari, Circle Police Inspector (CPI) of the CEN police station, the victim received WhatsApp messages from fraudsters based in Delhi, Punjab, and Hyderabad, which provided information regarding investments and potential profits.

The suspects persuaded him to invest in Pearlvine International as a Pearl Member, promising that a $30 investment would yield Rs 32.8 lakh through Auto Pool Income. They sent a link, had the victim fill out his biodata, and shared details from levels 1 to 8. "If I invested Rs 1.3 crore, I would get Rs 39.3 crore profit," Hazarat Ali said, adding that the suspects encouraged him to invest money.

The victim also mentioned in the complaint that suspects shared various bank account details and created a login ID for him. He then deposited money into these accounts and wallets, not only his own but also funds from relatives and friends, for investing in the fraud scheme. "I deposited Rs 68,39,045 from my HDFC Bank account, Rs 18,22,662 from Union Bank of India, and Rs 4,46,600 from the State Bank of India, totalling at Rs 91,08,307 through PhonePe, IMPS, and NEFT. However, I have not received my invested money or any profit," the victim alleged.

"The suspects created a parallel wallet to show the benefit of their investment. Interestingly, the amount in the parallel wallet cannot be withdrawn, and it is only shown. The fraudsters showed him up to Rs 91 lakh of profit in the parallel wallet but have not transferred it to him," SR Ganachari, CPI, informed.Get the latest lifestyle updates on Times of India, along with Happy Diwali wishes, messages and quotes !