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Bengaluru, October 16: In a shocking trading scam that unfolded in Bengaluru, a 52-year-old businessman from Yelahanka was duped of INR 1.5 crore on May 23 after falling victim to a fraudulent online investment scheme. The Central Crime Branch (CCB) police have arrested eight individuals, including Kishore Sahu, the manager of the Axis Bank Nagarabhavi branch, along with three sales executives, Rakesh, Manohar, and Karthik.
The arrested individuals are accused of facilitating the scam by opening mule accounts that were exploited by cybercriminals. This incident marks the first time in Karnataka that bank employees have been apprehended for aiding cyber fraud. The case came to light on July 1, when the victim, P Raghunathachari, filed a complaint after discovering he had been scammed.
According to a report by the Times of India , Raghunathachari had initially come in contact with a woman named Emila Singh, who managed a WhatsApp group, "A01 India Free Stock Signal Updates", offering free online trading classes. As part of the group, he was encouraged to invest in a VIP trading account, with assurances of high returns from a purported investment management firm called Federated Hermes. Dating App Scam in Bengaluru: 40-Year-Old Divorced Man Duped of INR 21 Lakh in Forex Trading Scam After Meeting Woman on ‘Ur My Type’ App, Probe Launched.
Believing he was making a sound investment, Raghunathachari transferred INR 1.5 crore into a fake online portal, pledging his house and gold ornaments in the process. The scheme began unravelling when Raghunathachari attempted to withdraw his supposed profits, only to be asked for an additional Rs 75 lakh in fees, citing income tax and other charges.
Sensing something was amiss, he contacted the cybercrime helpline, where investigators confirmed the portal was fraudulent. New Scam in Bengaluru? Man Says Woman Rang Bell, Asked For INR 15,000 for ‘Urgent Marriage’ of Her Daughter. Upon further investigation, authorities traced the funds to two current accounts opened at Axis Bank’s Nagarabhavi branch.
It was revealed that these accounts had been used in multiple fraud cases across the country, raising suspicions about their legitimacy. Following the complaint, CCB launched an investigation that resulted in the arrest of eight individuals, including four Axis Bank employees. Police uncovered that the employees had facilitated the opening of fraudulent accounts used in the scam.
Although eight individuals were arrested, nine other suspects connected to the scheme remain at large. (The above story first appeared on LatestLY on Oct 16, 2024 01:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.
com )..
