Investigation is ongoing in a high interest business scam case, said the city Police Commissioner.
B. Dayanand, Police Commissioner, announced significant progress in combating two financial crimes by the Central Crime Branch (CCB Police Station in Bangalore. The first case involves a fraudulent scheme promising Karnataka Public Service Commission (KPSC) membership in exchange for large sums, causing a loss of Rs. 4.10 crores to the victim. The accused used forged documents and fake signatures to defraud individuals.
The accused are Riyaz Ahmed, from Tavarekere, Yusuf Subbukatte, 47, from Malleswaram, Chandrappa C., 44, Agricultural Assistant at zilla panchayat office in Mudigere, Chikkamagaluru district, and Rudresh, 35, from Ramanagara.
The Commissioner said that the CCB Economic Crime Squad acted swiftly, arresting four individuals and recovering Rs. 40 lakh and four mobile phones. Two suspects are in custody, and efforts are ongoing to identify others involved.
Simultaneously, the CCB has been addressing another financial crime involving an unlicensed high-interest business. Scammers preyed on the public through exploitative lending practices, including unauthorized mortgaging of checks and property deeds, imposing exorbitant interest rates, and resorting to intimidation tactics against borrowers.
A collaborative effort between the CCB Economic Offenses Squad and the Co-operation Department resulted in the identification of a man and his two children from Shamanna Garden as the accused. However, they have absconded without appearing for the hearing. The CCB has uncovered a cache of more than 100 checks, registration certificate (RC) cards, promissory notes, and property deeds.
Despite efforts, the accused remain at large, prompting an intensified search operation, he said.
