BENGALURU: Five people of a fake shares investment firm were arrested by Banashankari police for allegedly duping people to the tune of hundreds of crores. Raghavendra, Narasimha Murthy, Suresh, Nagaraj and Prahalad were arrested from what served as the office of their fake firm at Yeshwanthpur after the police raided it on March 3.
According to police sources, Raghavendra, the main accused, floated the bogus firm in 2008. He would take money from people, ostensibly to invest it in the share market, but would simply circulate the money among his clients. The four other accused joined him later and acted as mediators between him and the ‘clients.’
The accused managed to get away with this for a long time, until one of their victims, Balaji, got suspicious and filed a complaint with the police. The police then raided the office and took them into custody.
Police estimate that over 600 people have allegedly been duped by the accused so far. A case of cheating against them has been filed at Banashankari police station.