Bailhongal man loses Rs 9.2 lakh in online investment scam linked to fake markets platform

The scammer claimed gold prices were soaring and urged Praveen to invest in ‘Orionex Markets’ and he clicked a fake link posing as the firm’s website and entered his details.

Image used for representative purpose. (File Photo | ANI)

BELAGAVI: A resident of Bailhongal has fallen victim to an online investment scam. He was lured with fake promises of high returns through a fake company called ‘Orionex Markets’. The fraudsters deceived the victim of a total of Rs 9,23,948, claiming that investing in their platform would yield large profits due to the current surge in gold prices.

The victim, Praveen Anant Renike, a resident of Bailhongal, lodged a complaint at the District Cyber Economic and Narcotics (CEN) Police Station in Belagavi. On October 13, he received a WhatsApp message from an unknown number linked to his bank account.

The sender claimed that the price of gold was rising rapidly and that investing in Orionex Markets could generate substantial profits. By clicking a link of what seemed to the firm’s official website, Praveen entered personal details.

An online account was then created in his name on the fraudulent platform. When he later tried to withdraw his returns, all communication with the fraudsters ceased, and he realised he had been duped.