A cyber fraud case involving the misuse of Union Finance Minister Nirmala Sitharaman’s name has come to light in Belagavi, where a senior citizen was allegedly cheated of lakhs of rupees under the pretext of stock market investment.

The victim has been identified as Prakash Gubbi (76), a resident of Vantamuri Colony in Belagavi city. A case has been registered against Adarsh, a resident of Kolhapur, and Damodar, a resident of Buldhana in Maharashtra.

According to the complaint, the accused allegedly displayed attractive advertisements on social media using the Union Minister’s name, promising huge profits through stock market investments. After clicking on the advertisement link and registering his name and contact details, the victim was contacted over the phone by the accused.

Initially, the accused collected ₹16,500 through PhonePe on the pretext of “activating the investment account.” They later convinced the victim that higher investments would generate massive returns in a short period, repeatedly pressuring him to invest more money.

Believing their claims, Prakash Gubbi allegedly transferred a total of ₹7.39 lakh to the accused through RTGS transactions in multiple phases.

However, after receiving the money, the accused neither provided any investment returns nor disclosed clear details regarding the investments. When the victim demanded a refund, the accused allegedly told him that he would have to invest more money to recover both the profit and the original amount.

Realising that he had been cheated, Prakash Gubbi approached the APMC Cyber Crime Police Station and lodged a complaint. Police have registered a case and launched an investigation based on bank transactions and mobile phone records to trace the accused.

Police have also appealed to the public to remain cautious, noting that online fraud cases involving the misuse of names of prominent personalities and government officials have increased in recent days. Citizens have been advised not to fall prey to such attractive investment advertisements circulating on social media.