Man duped of Rs 19.5 lakh in Mutaga

Belagavi: A man from Mutaga village in Belagavi taluk was duped of Rs 19.5 lakh by fraudsters who promised to double his investment through online stock market trading.

The victim, Bhushan Patil, was added to an investment-related WhatsApp group by an unknown person. He was subsequently lured with continuous messages claiming that he could earn high profits in a short period by investing in stock market trading and IPOs.

Some members in the group created a false impression of success by sharing fake screenshots and messages showing high returns. Influenced by these claims, Bhushan Patil transferred a total of Rs 19.5 lakh in stages to various bank accounts provided by the accused during Oct 2025.

After receiving the money, the accused initially continued communication and promised profits for a few days. However, they later stopped responding and cut off all contact.

Realising that he had been cheated and that neither the invested amount nor the promised returns were being returned, Bhushan Patil approached police and filed a complaint.

Based on the complaint, a case has been registered at CEN police station in Belagavi. Police are examining bank account details, mobile numbers and WhatsApp group information. Efforts are under way to trace the network of cyberfraudsters.