A police case has been filed against eight individuals, including four women, in connection with an investment fraud scheme that promised high returns. Two of the suspects are currently in police custody.
Mumtaz Begum is the main suspect behind the scam, and she collaborated with seven accomplices over the course of nearly a year. According to an FIR filed by M Anees at the city police station, he was defrauded of Rs 1.2 crore, while his friend Raghavendra lost Rs 30 lakh. Anees believes many other victims may have fallen prey to the scheme as well.
The complaint names Mumtaz Begum, Nasreen, Areefa Begum, M Javed, R Nabhi Rasool, and Taslim Banu from Bengaluru, as well as Syed Zubair and Jabir Jainsheri from Kozhikode, Kerala, as the accused.
Anees, who is related to Mumtaz Begum, explained that she invited him to her house in JP Nagar and proposed a high-interest investment scheme. Mumtaz claimed her son-in-law, Syed Zubair, ran multiple successful businesses, including share trading, a petrol pump, gold trading, real estate, and a pipe factory in Bengaluru. To further entice potential investors, Mumtaz promised a 50% profit margin and assured that current investors were receiving 16% interest. These false assurances led Anees to invest Rs 1.2 crore and convince his friend, Raghavendra, to invest Rs 30 lakh. However, they later discovered it was a well-coordinated fraud.
SP Sriharibabu BL confirmed that action has been taken to seize the bank accounts of the arrested suspects and that efforts are ongoing to apprehend the remaining individuals involved. Many more victims who were defrauded by Mumtaz Begum and her team are now coming forward with similar complaints.
