Bengaluru: A major financial fraud involving a fake land investment deal has come to light in Bengaluru, where a Mysuru-based restaurateur has alleged that he was cheated of more than ₹3 crore by a man who posed as a senior executive of a leading IT company. The case has raised fresh concerns over sophisticated impersonation-based scams in high-value real estate transactions.
Fake Corporate Identity Used to Win Trust
According to the complaint filed by Bharath CS (32), he was introduced to Gagandeep alias Gagan N Deep (31) in early 2025 through a mutual acquaintance. Bharath stated that the accused claimed to hold a senior position in the Corporate Social Responsibility division of a reputed IT firm and used this false identity to gain credibility and trust.
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53-Acre Attibele Deal Becomes a Financial Trap
The accused allegedly lured Bharath into an investment opportunity involving 53 acres of land in the Attibele area, claiming it could be acquired at a significantly lower price through internal connections and a structured bidding process. Bharath said he was even shown an advertisement related to the land sale, which initially made the offer appear legitimate.
Following this, Bharath was allegedly instructed to participate in a bidding process involving nearly ₹5 crore. He was asked to submit a formal bid through an email to a consultancy firm handling the transaction. The complaint further states that during a meeting at a hotel, the accused claimed to have met officials from the concerned company and attempted to waive the ₹5 crore deposit requirement, but said the request was rejected.
The accused then allegedly assured Bharath that he would arrange the required amount and that it would later be reimbursed by the company, creating further trust in the victim’s mind.
Crores Routed Through Accounts, Cash Collected Near Toll Plaza
Soon after, financial demands began. Bharath transferred ₹20 lakh initially, followed by another ₹15 lakh into different bank accounts, as instructed by the accused. The complaint alleges that the scam escalated into a complex financial network involving multiple transactions, demand drafts, and corporate accounts.
It is further alleged that demand drafts worth ₹3 crore were deposited into accounts linked to Bharath’s firm and later diverted into other accounts without proper authorization. In another instance, a ₹1 crore demand draft was allegedly encashed without the victim’s knowledge. Additionally, ₹25 lakh in cash was reportedly collected near a toll plaza, and another demand draft worth over ₹2.2 crore linked to a charitable trust was allegedly misappropriated.
Investigating officials said the accused has a history of similar financial crimes and was previously arrested in another cheating case involving nearly ₹6 crore linked to a Mysuru-based firm. Authorities also confirmed that over ₹2 crore has already been recovered and deposited into a government account. Separate proceedings against the accused are also reported in Hyderabad.
Preliminary findings suggest that the accused previously worked in a private firm associated with infrastructure projects, including metro-related work, which may have helped him build credibility among potential victims.
Police Probe Wider Fraud Network
The complaint was officially filed on April 24, after which a detailed investigation was initiated. Authorities are now examining financial trails, banking transactions, and possible links to other victims who may have been targeted using a similar modus operandi.
Cyber and financial fraud experts note that such cases often involve impersonation of corporate executives and carefully crafted investment narratives to build long-term trust before executing large-scale financial scams.
The investigation is currently ongoing, and authorities are working to identify whether a larger network is involved in facilitating such fraudulent transactions and how many additional victims may have been affected.
