Busting a Rs 2.5 crore fraud, police have arrested the director of Mylari Agro Products on charges that he cheated the public promising high returns on deposits.
Mahesh, 42, has been arrested based on a complaint by a JP Nagar resident. The complaint also led to the filing of a case against him, Bharat, Prakash and others in the company.
"The accused Bharat has died. Another accused Prakash was questioned and it was found that he has no role in the scam. Mahesh had started the company but made others as directors without giving them any information about the business transactions," a police source said.
Vidhana Soudha police station sub-inspector Suhas and his team collected evidence on Mahesh before arresting him in Peenya. He was presented before the court and taken into custody for inquiry.
The company floated investment programmes for Rs 10,000, Rs 25,000, Rs 50,000 and Rs 1 lakh. People from Bengaluru, Tumakuru, Mysuru and other districts had invested in the company.
"We have records to show that the fraud amounts to the tune of Rs 2.5 crore," police said.
Suspecting that the company could have cheated more people, police urged people who invested in Mylari Agro Products to provide information.
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