BENGALURU: The Hoskote police have arrested five people for allegedly cheating several people of crores of rupees by promising to get them Rs 1 crore in return for an investment of Rs 10 lakh.
The accused have been identified as Shashikumar, a resident of Yelachenahalli and the alleged mastermind, along with Nagesh, Pramila, Ambuja and Venkataravanappa.
According to police, Shashikumar allegedly gained the trust of several people in and around Hoskote by showing them land and claiming that properties worth Rs 1 crore could be purchased for just Rs 10 lakh. He allegedly targeted real estate businessmen and financially stable individuals and took them to various locations, claiming that the properties were benami properties.
In some cases, he allegedly claimed that the benami properties were linked to former Tamil Nadu Chief Minister J Jayalalithaa, the police said, adding that Shashikumar had been gaining the trust of his friends and residents for several years.
The case came to light after a complaint was registered against Shashikumar last month in connection with an alleged cheating incident. During the investigation, the police arrested and questioned him, following which he revealed the involvement of the other accused. The police subsequently arrested the remaining four accused.
The accused allegedly used the money to purchase vehicles and land. When the victims demanded their money back, they allegedly threatened them through bouncers. The police said the transactions involving the alleged fraud have been verified and that further investigation is underway.