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Belagavi man loses ₹21.94 lakh in online investment fraud

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activeCyber Crime / Digital ArrestPan India

Belagavi man loses ₹21.94 lakh in online investment fraud

A resident of Belagavi reportedly lost ₹21.94 lakh in an online investment fraud after being lured by promises of high returns. According to reports, the victim was contacted by an individual identified in the reports as Sandeep Sharma, who added him to a Telegram group. Another person, identified as Priyansh Sharma, allegedly collected ₹22,000 through PhonePe during the initial interactions.

State

Multiple States

First reported

October 2026

Amount alleged

₹21.94 lakh

Agency involved

CEN police

Status

Case registered and under investigation

The full story

Everything you need to know about this case, in one place.

Investigators said the accused individuals persuaded the victim to invest larger sums through a website by promising lucrative returns. The victim transferred funds from his bank account in multiple instalments. However, he allegedly received neither his initial investment nor the promised returns, prompting him to approach the authorities.

Following the complaint, the CEN police registered a case and initiated an investigation into the matter. Authorities are currently looking into the digital trails and the fraudulent investment platforms used in the commission of the crime.

Not yet reported: The articles do not mention any arrests or the specific details of the website used for the fraud.

Where the case stands

The latest position in the reports we read.

The CEN police have registered a case in connection with the online investment fraud and the investigation is currently underway.

Who was affected

Described in general terms; we do not name victims.

A resident of Belagavi who fell prey to online investment promises.

How the scam worked

The method described in the reports.

The victim was contacted online and added to a Telegram group.
An accused person collected an initial small amount through a digital payment application like PhonePe.
The fraudsters persuaded the victim to transfer larger amounts in instalments through an online investment website.
The accused promised high returns on investments to encourage further deposits.
The fraudsters cut off contact and withheld both the invested capital and the promised profits.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

thehindu.comOriginal report The Hindu<![CDATA[https://www.thehindu.com/news/national/karnataka/belagavi-man-loses-2194-lakh-in-online-investment-fraud/article71568568.ece]]>Karnataka Man Allegedly Cheated of ₹21.94 Lakh in Online Investment Fraud - The420.inThe420.in · 11 Oct 2026

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