SHIVAMOGGA: A couple from the city has been accused of cheating several investors of Rs 11.46 crore by promising lucrative monthly returns on investments in a private company, according to a police complaint.
The accused, identified as Manjula and her husband, Abhilash N M, allegedly offered a monthly return of Rs 1.25 lakh for every Rs 25 lakh invested. They allegedly approached people through personal contacts and persuaded them to invest in Worknox Solutions Private Limited. According to the FIR registered at Tunga Nagar police station, the complainant, Shashidhara B M, who runs a medical shop in Bhadravathi, became acquainted with the couple about a year ago.
The two allegedly visited his medical shop frequently and gradually gained his confidence by discussing investment opportunities and promising attractive returns. The complainant said he mortgaged his house documents and handed over Rs 25 lakh in cash to Manjula on September 24, 2024, after being assured of the promised returns. He subsequently introduced the investment scheme to his friends and acquaintances.
Several others also invested money, with individual contributions ranging from Rs 10 lakh to Rs 69 lakh, according to the complaint. The accused allegedly collected money through bank accounts maintained with HDFC Bank, Axis Bank and State Bank of India in Shivamogga and Bhadravathi, besides receiving cash payments.
Some transactions were reportedly routed through an account belonging to Worknox Solutions Private Limited. The FIR further alleges that the couple persuaded investors to put in more money by claiming that they would shift their company’s operations from Bengaluru to Shivamogga and had entered into an agreement with a foreign company.