Crooks swindle Rs 1.8 crore by promising high returns on investments in Bengaluru

Bengaluru: Five people from Bengaluru allegedly reported that they were falsely promised good returns against their investments by four people running a private firm in Jayanagar, who cheated them of lakhs of rupees.

Five cases of cheating have been registered against the four suspects on the basis of the complaints filed by the victims with the Jayanagar police. As per their complaint, the gang had promised them 3% to 8% returns per month, leading to them making an investment of Rs 1.8 crore. It recently came to light that they have been duped.

One of the victims, Amit Prakash Tripathi (46), a resident of Doddanekkundi explained that a man identified as Rakesh asked him to invest money in his firm, which would invest it in businesses and earn good profits – as reported by the Times of India.

The accused promised 7%-8% returns per month to the victims. An investment of Rs 1 lakh was made by Tripathi initially, followed by Rs 75 lakh along with Rs 3.5 lakh of his wife’s money on May 23. A mobile application was provided by the accused when Tripathi inquired on how he could check the details of his funds, and it was found out that his fund value had gone to zero on June 4.

In his complaint, Tripathi stated, “I approached the suspects and they told me their company has incurred huge losses and hence my fund was zero. They cheated me.” Similar complaints were lodged by Nandakishore Joshi (48) of JP Nagar who lost Rs 35 lakh, Sandeep Singh (52) of JP Nagar who lost Rs 10.8 lakh, Shesh Prasad N (42) of Rajarajeshwarinagar who lost Rs 48 lakh, and Pavan Kumar NN (40) of JP Nagar who lost Rs 7.4 lakh to the accused.

A police officer mentioned that the complainants have been asked to provide more documents regarding these allegations as proof.

News Credit: Times Now News