Daijiworld Media Network - Shivamogga
Shivamogga, Oct 13: A Shivamogga-based entrepreneur fell victim to a cyber scam after being lured by advertisements on Instagram promising high returns on daily investments.
The entrepreneur initially invested Rs 20,000, believing that the scheme would credit Rs 200 to his account daily as profit. Over the next 60 days, the scammers did transfer Rs 200 daily, creating the illusion of legitimate returns. Encouraged by this, the entrepreneur, on the advice of the fraudsters, invested a total of Rs 7.84 lac using his family members’ accounts, expecting higher profits.
However, when he later attempted to withdraw the returns, he realised no genuine profits were being credited, exposing the scam.
A complaint has been registered at the CEN Police Station in Shivamogga, and investigations into the cyber fraud are underway.