Bengaluru: Couple arrested for multi-crore fraud

Bengaluru, Dec 1: A husband and wife duo were arrested by Jayanagar police on Monday, Nov 30 for allegedly duping investors leading to a multi-crore fraud.

The accused couple, M Srinivas (63) and B G Pushpalatha (55) were nabbed at Koodlu, on Hosur road near Electronic city. The arrest came as they were trying to flee the city, the police informed OneIndia.

The police initiated scouting operation for the accused after few customers filed a complaint of fraud against the company Shreyas Groups run by the couple.

The company started its operations at Jayanagar 5th block in 1988 and the Jayanagar police informed that it was founded under Karnataka Co-operative Societies Act.

The finance companies Shreyas Finance & Investments, Shreyas Chits, and Shreyas Souharda Co-operative Limited were started by the only son of the arrested couple and their daughter-in-law. However, son and daughter-in-law escaped India sensing the trouble.

The couple offered investment promising high interest rates to the customers but failed to meet the assurances. The customers were blindly lured to the lucrative offers. The couple invested the money in shares and real estate but suffered massive loss. Customers landed one day at the office to seek the invested amount back only to find the office closed, the police said.

The police said though fraud amount is yet to be calculate, on vague estimation it could reach up to Rs 100 crore. As many as three investors filed complaint against the company who have been cheated to the tune to Rs 10 crore. Besides, on Tuesday around 40 customers of the company queued up at the police station.

OneIndia News