8 arrested, including bank employees, in investment scam

NT Correspondent Bengaluru: The Cyber Crime Station Police have arrested a total of eight individuals, including four bank employees, in a case involving fraud amounting to Rs 1.5 crore by promising to double investments in share trading. The fraudsters initially targeted a resident of Yelahanka, promising him that an investment of Rs 50,000 would get doubled. From March to June, they cheated him of Rs 1.5 crore in stages, using WhatsApp to claim the money had doubled. Following a complaint, the police arrested Kenchegowda, Raghu Lakshmi, Mala, and Axis Bank Manager Kishore, along with Sales Executives Manohar, Rakesh, and Karthik, who held bank accounts used for the fraud. City Police Commissioner B.

Dayanand reported that Rs 29 lakh in the accused's bank accounts has been frozen. The absconding suspects had opened a bank account in Nagarabhavi for four accomplices from Chikkamagaluru, luring them with promises o f commission for participating in the fraud. They also created a VIP trading WhatsApp group after receiving Rs 50,000 from the complainant. After receiving funds from victims, they sent messages claiming the money would double. The complainant ultimately transferred Rs 1.5 crore as part of the fraud. They warned that a management fee of Rs 75 lakhs would be required to facilitate the transfer. The complainant, suspicious of this demand, reported the matter to the cyber station.