Hoskote: Hoskote police have arrested five people for allegedly cheating several people of crores of rupees by promising them access to properties worth ₹1 crore for an investment of just ₹10 lakh.
The accused have been identified as Shashikumar of Yelachenahalli, who police describe as the alleged mastermind, along with Nagesh, Pramila, Ambuja and Venkataravanappa. Police said the group allegedly targeted real estate businessmen and financially stable individuals by claiming they could help them acquire high-value properties at a fraction of their market value.
According to investigators, Shashikumar allegedly built trust among friends and residents in and around Hoskote over several years before introducing them to the purported investment opportunity.
₹10 lakh for ₹1 crore property promise
Police said Shashikumar allegedly approached potential victims with claims that properties worth around ₹1 crore could be obtained for only ₹10 lakh.
He allegedly took people to different locations and showed them land, claiming that the properties were benami properties. In some instances, police said he allegedly claimed that the properties were connected to former Tamil Nadu Chief Minister J Jayalalithaa.
These claims allegedly helped convince victims that they were being offered access to properties that could otherwise be difficult or expensive to acquire.
The police investigation is examining the exact nature of the transactions and how the accused allegedly persuaded people to hand over money.
Five accused arrested
The case initially came to the attention of Hoskote police after a complaint was filed against Shashikumar last month in connection with an alleged cheating incident.
Police arrested and questioned him as part of the investigation. During interrogation, he allegedly disclosed the involvement of the other accused, following which investigators arrested Nagesh, Pramila, Ambuja and Venkataravanappa.
Police are now investigating the individual roles allegedly played by each of the five accused and the number of people who may have lost money.
Victims allegedly threatened when they demanded money
According to police, the accused allegedly used the money received from victims to purchase vehicles and land.
When some victims allegedly approached the accused seeking the return of their money, they were reportedly threatened through bouncers.
The allegations have added another dimension to the case, with police examining whether intimidation was systematically used to prevent victims from approaching law enforcement agencies.
The transactions allegedly involved substantial sums, and police said the financial details connected with the suspected fraud have been verified.
Police suspect more victims
Investigators believe there could be more people who were allegedly cheated through the scheme.
Police are expecting additional victims to approach them with complaints as details of the arrests become public. Further complaints could help investigators establish the total amount allegedly collected and identify the full network involved.
A Kannada report by TV9 also reported that the suspected fraud involved more than ₹4.5 crore, including money allegedly collected through cheques, cash and gold jewellery. However, this figure should be treated as a police-reported investigation figure rather than a final adjudicated loss.
Jayalalithaa property claim under investigation
One of the claims allegedly used to gain the confidence of prospective victims involved purported benami properties linked to former Tamil Nadu Chief Minister Jayalalithaa.
Police said the accused allegedly used such claims while showing properties to potential investors.
The allegation does not establish that the properties were actually connected to Jayalalithaa or that the accused had any legitimate authority over them. Investigators are examining the claims made to the victims as part of the cheating case.
Investigation continues
Hoskote police are continuing their investigation into the alleged fraud and the financial transactions involved.
Officials are also examining the assets allegedly purchased using money collected from victims and attempting to establish the complete scale of the operation.
Police said the transactions connected with the alleged fraud have been verified and that further investigation is underway.
The arrests have also prompted police to appeal, in effect, for other potential victims to come forward. Additional complaints could provide investigators with more information about the alleged investment network and help establish the total amount involved.
The case highlights the risks associated with unusually lucrative property and investment offers, particularly when prospective buyers are asked to pay large sums based on claims about benami or otherwise restricted properties.