In a significant crackdown, the Bengaluru police have arrested six individuals allegedly involved in a scheme that defrauded investors out of lakhs of rupees through fake IPOs. The gang used WhatsApp to contact victims, sending them links to a dubious app that promised lucrative investment opportunities.
Once the victims showed interest, they were directed to transfer money to specific bank accounts under the guise of “investments.” After receiving the funds, the gang vanished without a trace.
The police have identified at least 10 suspects and managed to apprehend six of them: Syed Sultan (29), Sheikh Dastagir (26), Karthik A (19), Amit Karekar (25), Guru Bhai (26), and Bharath Bhai (32). Authorities have also issued a lookout notice for the gang’s kingpin.
The investigation began after a 37-year-old resident of HSR Layout reported losing Rs 35.3 lakh. Police tracked the money trail, revealing that most withdrawals occurred at an ATM near Charminar in Hyderabad. A police team was dispatched, leading to the arrest of two individuals during the money withdrawal.