Bengaluru: Nine duped of Rs 40 lakh in crypto investment fraud; 2 booked | Bengaluru News

BENGALURU: Two miscreants allegedly duped nine people of around Rs 40 lakh by luring them to invest in cryptocurrency business.
Subramanyapura police registered a case against Sujatha and Shanthakumar based on a complaint by Shanthamma, 65, of Gavipuram Guttahalli, south Bengaluru.
Shanthamma, a helper in a school, came in contact with Sujatha, member of a direct marketing firm. The latter, along with Shantakumar, asked Shanthamma to invest money in cryptocurrency business. They promised her Rs 50,000 over an investment of Rs 2 lakh. Initially, she rejected their proposal, but they managed to convince her.
Police said Shanthamma pledged her gold and invested Rs 4. 8 lakh with the suspects in July 2021. Sujatha and Shanthakumar paid her Rs 50,000 in the first month. Shanthamma told her friends about it, and they readily agreed to invest money. Sujatha and Shanthakumar met Shanthamma’s friends, identified as Susheelamma, Shankar, Nagarathna, Prema, Pushpalatha, Vijayalakshmi, Roopa and Umadevi —most of them homemakers. They gave Rs 40 lakh to the duo. All the investors received Rs 50,000 in the first month but after that there were no returns.
The investors then demanded the accused return their money or pay the income they promised at the time of investment. But the duo claimed the company in which they invested the cash had shut down.

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