BENGALURU: The Central Crime Branch (CCB) police have apprehended five individuals, including a woman, in connection with an elaborate fraud case involving a businessman and purportedly valuable properties worth crores. The scheme revolved around fictitious claims regarding Rice Pulling vessels, which the accused claimed could generate substantial wealth.
The arrested individuals include Nagaratna, hailing from Channarayapatna in Hassan district; Ramachandra from Holenarasipura; and Bengaluru residents Sukumaran, Manjunath, and Natesh. The investigation began after a complaint was lodged by V. Kantaraju, a businessman residing in Hennur Prakriti Layout.
Kantaraju operates under the name Ganga Borwell and was in the process of establishing a crude oil and refinery unit when he encountered the accused. He was introduced to Nagaratna and Ramachandra by associates named Manu and Ramanna from Kanakapura. The duo promised to facilitate connections with influential political figures, specifically former ministers Sriramulu and Ashwathanarayana, asserting they could secure central government approval for Kantaraju’s business plans.
Nagaratna, who owns a petrol bunk, played a pivotal role in the deception. She convinced Kantaraju that acquiring the necessary funding—amounting to thousands of crores—would be an insurmountable challenge. To enhance their credibility, the accused claimed to possess five Rice Pulling vessels, which they asserted were valued at ₹5 lakh crores in the international market.
Further complicating matters, Natesh and Sukumar introduced themselves as CEOs of a company named Radius, while Ramachandra claimed to lead another company called CEGARN. The group exhibited the Rice Pulling vessels and conducted tests to further persuade Kantaraju of their legitimacy.
Under the guise of securing funds from the sale of the Rice Pulling vessels, the fraudsters manipulated Kantaraju into transferring significant properties. They convinced him to transfer 4 acres 18 guntas of land in Attigupe village, Kanakapura taluk, to Savita, Sukumaran’s wife. Subsequently, they fabricated stories about the vessels not selling and claimed they required ₹1 crore to deposit in the market for a sale to proceed. This led Kantaraju to transfer his house in Thanisandra to Ramachandra Palasikar.
In an even more audacious move, the accused convinced Kantaraju that the vessels had indeed sold for ₹100 crores, resulting in a General Power of Attorney (GPA) for 2 acres 4 guntas of land near Nelamangala being transferred to a person named Gangaraju. Following these transactions, the accused vanished, leaving Kantaraju in a precarious situation.
Upon receiving Kantaraju’s complaint, the CCB initiated an investigation into the fraudulent activities. They discovered that the supposed Rice Pulling vessels were nothing more than a scam, created to exploit Kantaraju’s ambitions and financial resources. The police have since seized the Rice Pulling vessels from the accused, further substantiating the fraudulent nature of their claims.
The CCB’s efforts have resulted in the arrest of all five suspects, who are now facing serious charges. The incident highlights the lengths to which fraudsters will go to exploit individuals’ trust and ambitions, particularly in industries with high financial stakes.
This case serves as a cautionary tale for entrepreneurs and businesspersons who may be vulnerable to elaborate schemes. The importance of conducting due diligence, verifying claims, and being wary of offers that seem too good to be true cannot be overstated. As investigations continue, it remains crucial for authorities to crack down on fraudulent activities to protect unsuspecting victims.
As the CCB continues its investigation, the full extent of the fraud and the impact on Kantaraju’s business aspirations remains to be seen.