Bengaluru: The Hoskote police has arrested five people for allegedly cheating members of the public by offering properties claimed to be worth Rs 1 crore for an investment of Rs 10 lakh. Police suspect that the accused had been running the operation by exploiting the trust of locals and investors.
The arrested persons are Shashikumar, a resident of Yelachenahalli, and the alleged main accused, Nagesh, Pramila, Ambuja and Venkataravanappa.
Police said Shashikumar had established contacts with several people in Hoskote and neighbouring areas and allegedly used his reputation among them to attract investors. He reportedly approached real estate operators and financially sound individuals, promising them an opportunity to purchase valuable land at a significantly lower price.
As part of the alleged operation, prospective victims were taken to different properties. Shashikumar allegedly claimed that the lands were benami properties and could be obtained for only Rs 10 lakh despite their purported market value of around Rs 1 crore. Police said he had, in some cases, allegedly claimed that certain properties were connected to former Tamil Nadu chief minister J. Jayalalithaa.
Four others arrested based on info gathered in probe
The alleged scheme surfaced after a complaint was filed against Shashikumar last month. Following his arrest, police questioned him about the transactions and the people assisting him. Investigators subsequently arrested four other accused based on the information gathered during the probe.
According to police, the suspects allegedly used the money collected from investors to purchase vehicles and land. The investigation has also revealed allegations that victims who sought repayment were threatened through bouncers.
Police are examining bank accounts and other financial transactions to trace the flow of funds. Investigators are also trying to ascertain the number of people who may have been cheated and the total amount involved.
Officials said the probe would also focus on the properties shown to investors and the claims made regarding their ownership. Police are investigating whether the group had carried out similar transactions previously.
The five accused remain under investigation as police continue efforts to uncover the full extent of the alleged fraud.
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