SOURCE :- SIASAT NEWS
Kolar: Police have detained four people in the city of Kolar after allegedly looting thousands of dollars with the assurance of quick returns on investments and work-from-home money. According to the police, the accused have collected more than Rs 50 million from subjects through a network run by Sri Kalikadevi Enterprises.
Bhoomi Kiran Shetty, 28, family Aarthi, 23, Ramya of Ballahalli in Kolar, and Venkatachalapathi alias Swamy, director of the company’s Budikote tree, have been identified as the arrested.
According to the authorities, Kiran Shetty and Aarthi founded the business and approached open about doing home packaging work. People were given the chance to make several thousand pounds by packing items like paper plates, lamps, and incense sticks.
Before receiving the promised labor, the subjects were required to deposit payments worth thousands of rupees. Authorities believe that the owners collected sizable sums from clients at various areas and continued to elicit new deposits by guaranteeing them of returns.
When buyers who had deposited funds started requesting payments, the alleged scam became apparent. The business stopped making obligations, causing a number of patients to call the police.
Cases have been reported at the remote authorities facilities in Galpet, Budikote, Chikkajala, Devanahalli, and Doddaballapur. Investigators believe that between 7, 000 and 8, 000 people may have been defrauded, and that the entire amount collected could be more than Rs 50 million.
Authorities are also looking into the practices of Budikote and Debbanahalli, where payments were taken from Kolar residents and those in nearby Andhra Pradesh and Tamil Nadu.
According to researchers, the Budikote unit only had collected Rs. 10.53 million from 1, 121 individuals. In connection with this scenario, Venkatachalapathi, the brand manager, was detained.
In addition, complaints about other small businesses in the Kolar district that supposedly reportedly attracted people with the promise of double or triple their investments in a short period have also been brought forward by the police investigation.
More than 350 people reportedly complained to the authorities in a situation involving a fraud involving more than Rs 6 million in a case registered at the Galpet police station. Investigators believe the accused initially made some investors ‘ returns before allegedly shutting down their businesses.
Similar issues have been reported in Devanahalli, Doddaballapur, and Chikkajala, which has prompted police to check whether the circumstances are connected and whether a wider channel was operating in the area.
There is alleged that many victims have invested funds they’ve saved up to a long period of time. They included retired federal officials, property owners who had sold their homes, wealthy individuals who had raised money by offering jewelry, and parents who had saved money for their son’s relationships.
Authorities are currently looking into the financial transactions of the accused and examining bank records and other information to determine the precise sum collected from patients. Other people who may own participated in the reported network’s management or collection of payments are also being sought by authorities.
The accused have been taken into custody and are now being held in custody. Patients have contacted the government to request their money be recovered and make sure their savings are returned. A second research is still being conducted.
SOURCE : SIASAT
