Mangaluru City police detained a man on Thursday night for allegedly impersonating a high-profile entrepreneur and defrauding wealthy individuals of crores of rupees. The arrest followed a search operation at his lavish residence in Jeppinamogaru.
According to preliminary investigations, the accused reportedly engaged in financial transactions amounting to ₹45 crore over just three months. Sources say he targeted affluent individuals by presenting himself as a successful businessman and gained their trust through convincing conversations. He would then invite them to his luxurious bungalow, where the grandeur of his lifestyle often influenced victims to proceed with high-value deals.
Investigators believe the accused lured people into bogus real estate and loan arrangements. After initial meetings, he would allegedly request large sums—typically ₹5 to ₹10 crore—as “stamp duty” or “processing fees” for transactions he claimed were worth ₹50 crore or more.
This deceptive approach is suspected to have been used repeatedly over the years, with potential fraud figures exceeding ₹200 crore. However, officials noted that the investigation is still underway and the full extent of the scam is yet to be confirmed.
City Police Commissioner Sudheer Kumar Reddy CH visited the location following the arrest. The case is currently being investigated by the Assistant Commissioner of Police (Central Crime Division).
Authorities are now verifying all financial trails and identifying possible victims involved in the alleged large-scale con.