The Hebbal police in Bengaluru have arrested seven individuals involved in a sophisticated money-doubling scam that defrauded more than 15 victims over the past six years. Authorities estimate that the total amount swindled could exceed Rs50 crore, with four victims having already come forward to file complaints.
The arrested suspects—Nageshwar Rao, Sujarita, Kalpana, Dilip, Tarun, Gowtham, and Varun—allegedly used a highly organized method to carry out their fraud. To gain the trust of their targets, the gang impersonated officials from the Reserve Bank of India (RBI) and the Enforcement Directorate (ED), presenting themselves as credible authorities.
Police revealed that the scam was carried out in a chain-link manner, where the suspects initially approached potential victims through mutual acquaintances. After building rapport and earning the trust of the targets, they would present an enticing money-doubling offer. The suspects would first ask for a nominal amount—often Rs15 lakh—promising to return it with 3% interest. Once they received the money, they would wait for the victims to ask for repayment, but instead, they would stall or disappear with the funds.
An investigating officer explained the tactics: “Initially, they would request a nominal credit of Rs15 lakh, promising a 3% interest return. Once they received the money, they would delay the repayment until the targets pushed for it, only to find their money gone.”
The suspects reportedly ran the scam for years without being caught, using their credibility as fake RBI and ED officials to gain trust. Authorities are continuing their investigation, and more victims are expected to come forward as the police probe further into the complex operation.