News Karnataka
Saturday, April 13 2024

K’taka police busts Rs 290 Power Bank scam, arrests nine

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Bengaluru: Nine people got arrested after Karnataka police busted a Rs 290 crore plus scam on June 12 Saturday that involved duping people through a mobile app after offering high interest on investment.

They revealed that the money laundering operation is supported by shell companies, and the accused kingpin is a Kerala-based businessman with links to Chinese ‘hawala’ operators.

Cyber Crime Division of CID said that two Chinese nationals, two Tibetans, and five others serving as directors of the firms have been arrested and they are in searching for the rest.

According to a complaint filed by Razor Pay Software Private Limited, the accused got ‘payment solutions’ from them while pretending to be in the gaming, social, and e-commerce businesses.

They cheated the corporation, however, by using computer resources and deviating from their legitimate, registered line of business.

According to cyber police, they began routing their transactions to collect payments from a new firm called “Powerbank,” which has an app on Google Playstore.

The complainant company got to know from customer complaints that the public invested money in the “Powerbank” app in order to gain interest on the amount invested.

According to the CCD, a complaint was filed under the Information Technology Act and Section 420 of the Indian Penal Code (Cheating), and the investigating team was successful in arresting nine guys.

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