Investment fraud: 2arrested for cheating gullible people

NT Correspondent

Bengaluru: The Central Crime Branch (CCB) sleuths on Tuesday busted yet another ponzi scam in the city after arresting two persons allegedly involved in running an illegal investment company here.

The accused were identified as Pradeep and Vasanth Kumar.

The probe revealed that the duo were running a firm named Pramya International in Konanakunte, under which they allegedly collected huge amounts of money from gullible people in investments promising high returns to them.

According to the police, the accused had been operating the company for over one year, having over 700 investors with an approximate investment of Rs 25 crore.

The investors realised that they had been deceived after Pradeep and Vasanth started avoiding them and planned to wind up the firm and escape.

However, based on a complaint, they were caught before they could flee the city.

The police seized Rs 7 lakh in cash from them along with the documents for further investigation.

Bengaluru Police Commissioner B Dayananda said that the accused have been booked under cheating charges and the Banning of Unregulated Deposit Schemes (BUDS) Act of 2019.

The CCB police also have registered a suo moto case after they found out that the company did not have an official registration.