Bengaluru | The Bagalakunte Police have arrested three individuals allegedly involved in a money-doubling racket, cheating businessmen by promising to double their investments. The accused are reported to have defrauded a businessman from Koppal of ₹28.60 lakh.
According to police, the complainant had met one of the accused in the Gandhinagar area about a year ago, and they developed a close acquaintance. The accused, claiming to be involved in real estate, told the complainant that their associate urgently required ₹50 lakh and assured that the amount would be returned with double the profit.
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When the complainant expressed his inability to arrange the full sum, the accused allegedly collected ₹28.60 lakh from him. Shortly after receiving the money, the suspects went out of contact. Following the complaint, a case was registered and an investigation was initiated.
The police tracked and arrested the three accused near Junjappa Temple. During interrogation, the accused confessed to cheating the complainant. Further investigation revealed that they had similarly duped another individual of ₹18.50 lakh.
Police said that the accused had spent a portion of the money and distributed the remaining amount among their associates, claiming they would retrieve it later. During the investigation, authorities recovered a total of ₹40 lakh and also seized a car used in the offence.
The accused were presented before a court and remanded to judicial custody. Police added that the investigation is ongoing, with further action planned to identify other potential suspects.
Experts noted that such money-doubling schemes typically follow a common fraud pattern, where trusted relationships and the lure of immediate profits are used to trap investors. Authorities have warned businessmen and investors to exercise caution and thoroughly verify any high-return promises before committing funds.
This gang represents an example of the rapidly spreading money-doubling frauds in Bengaluru, serving as a cautionary tale for the business community and the public. Officials stated that the recovered funds and assets would aid in investigating other potential fraud cases in the region.
In conclusion, the swift action by Bengaluru police has exposed an active money-doubling gang and recovered ₹40 lakh. The incident serves as a warning for investors to remain vigilant against fraudulent schemes promising extraordinary returns and to conduct financial transactions only through legal and secure channels.
