Bagalkot trader loses Rs 1.09 cr in online investment fraud

In yet another shocking case of cybercrime, a businessman from Bagalkot has fallen prey to a massive online investment scam, losing a staggering ₹1.09 crore to fraudsters operating under the fake name “Aastha Trade 903 Strategy Hub.”

According to reports, the fraudsters approached the trader on August 12, luring him into joining a so-called online trading group that promised exceptionally high returns on investments.

The group first gained the trader’s trust by offering small profits on initial investments, only to coax him into investing larger sums over time. Between September 24 and October 27, the trader transferred a total of ₹1,09,05,800 to the group’s account, believing he was participating in legitimate stock trading. Initially, the scammers returned about ₹5 lakh, further strengthening his confidence. However, soon after receiving the bulk of the funds, the group deleted its online presence and severed all communication with the victim. Realizing he had been duped, the businessman filed a complaint with the Cyber, Economic, and Narcotics (CEN) Police Station in Bagalkot. District Superintendent of Police Siddharth Goyal confirmed the incident and said that the fraudsters’ bank accounts have been frozen. An investigation is underway to trace the accused, who are suspected to be part of an interstate cybercrime network.

SP Goyal cautioned citizens against trusting online trading groups or investment apps that promise unusually high profits. “Fraudsters are using fake online trading platforms and social media groups to target unsuspecting investors. People must verify the authenticity of such platforms before transferring any money,” he said.

Cybercrime officers also noted that cases of online financial fraud have been rising sharply across Karnataka, involving fake trading apps, KYC update scams, OTP frauds, and even “digital arrest” extortion rackets.

Authorities have once again urged citizens not to click on suspicious links, share bank details or OTPs with strangers, or engage in financial transactions through unknown online groups.