Bengaluru: 5 held for duping people of Rs 300 crore

BENGALURU: The Banashankari police on Sunday arrested five people for cheating several people in the city, including many famous personalities such as film and sports personalities, real estate agents and business tycoons, by assuring good returns for their investment. The company has cheated people of more than Rs 300 crore.

The arrested have been identified as Raghvendra, the owner of the Vikram investment company in Jayanagar, his associates, Suresh, Nagaraju, Narasimhamurthy and Prahalad.

According to the police, the incident came to light when Balaji, a businessman, filed a complaint with the Banashankari police on March 3 stating that Vikram Investment had cheated him of Rs 11 crore.

During their investigation the police came to know that the company had cheated many people by convincing them to invest in shares and assured them to double their money in a short period. The police have sealed the company office. 

The prime accused, Raghvendra, convinced his customers that investing in share market through his company would fetch good returns. He managed to gain their trust by initially providing them good returns but later he began cheating them by collecting huge amounts.

The police suspect that the company cheated several people, though it has not provided the exact number. It also did not reveal the exact number of people involved in this racket. Banashankari police have registered a case and are investigations are continuing.