Bengaluru: Couple cons 500 women investors, flees with Rs 15 crore

Bengaluru: For these 500 women investors their dream to wear a premium silk saree remained elusive, after they were allegedly conned by a city-based couple, who lured them to invest in a chit fund scheme and escaped with over Rs 15 crore in Amruthahalli police station limits.  

The police are on the look out for the couple, identified as Ramesh and Revathy. The duo even sold their house before fleeing with investors’ money. Police said Ramesh had a small eatery and after he incurred huge losses, he started a chit fund business.

According to the police, the couple left claiming they were going to Tirupati, but continue to remain untraceable for the past few weeks. The incident came to light when after a long wait, some women investors grew suspicious and went to check at their house. They then approached the police and based on the complaint a cheating case was registered.

Police said the couple was running chit fund business for last five years. They recently announced a scheme stating that for a one-time investment of
Rs 4,500 to Rs 7,000, the depositor would get silk sari for the upcoming festival.

Over 500 women joined the scheme anticipating a silk sari worth several thousands, but to the shock of their lives the couple fled along with their children.

During investigation the police also learnt that the couple had planned to flee and had even started transporting household articles one by one for the past few days.

They had issued post dated cheques to many depositors, but when the residents went to check with the banks they found the account had a meagre balance amount of Rs 700.

The couple has been booked under Money laundering Act and further investigations are on.