In a major crackdown on financial fraud, Karnataka police have arrested a 58-year-old man for allegedly duping more than 800 people in Kalaburagi through fake investment schemes.
The accused, Ramachandra Akul, operated under the firm Venus Enterprises, based in the Arcade Building at Akkamahadevi Colony. According to officials, he lured victims by promising high monthly returns of 15–20% through various online investment platforms. Police estimate he amassed over ₹50 crore before the scam surfaced. Efforts are now underway to trace the siphoned funds and identify any associates involved in the fraud.
In a similar high-profile case in Bengaluru, a couple originally from Kerala — Tomy and Shiny — have disappeared after allegedly orchestrating a massive chit fund scam via their firm A&A Chits and Finance in Ramamurthy Nagar. They gained trust over 25 years by delivering consistent returns, but stopped payouts in recent months. Over 350 victims have come forward, claiming losses in crores. A police manhunt is in progress, with the firm’s financial records now under scrutiny.
Meanwhile, another investment fraud came to light when Bengaluru’s Basaveshwaranagar police arrested Savita, who allegedly cheated over 20 women of ₹30 crore. Posing as a well-connected socialite at kitty parties, she claimed ties to influential politicians and promised discounted gold imports from the US and high-profit investments.
Together, these three cases highlight a growing trend of organized financial deceit in Karnataka, with total fraud exceeding ₹80 crore and hundreds of victims left in financial ruin.