CID to probe Ponzi scam

The Banashankari police arrested multiple people based on a complaint across multiple IPC sections.

The Ponzi scam involving Vikram Investments has been transferred to the Criminal Investigation Department (CID) from the Banashankari police.

DG & IG Neelmani N Raju passed the order referring the multi-crore scam case to the CID, following the poll restrictions in force.

Based on a complaint, the Banashankari police had arrested the firm’s director, Raghavendra Srinath, his associates Narasimha Murthy, Prahalad, K C Nagaraj and Sutram Suresh and booked them under Sections 403 (dishonest misappropriation of property), 406 (criminal breach of trust) and Section 420 (cheating).

The suspects had asked people to deposit in their firm and promised huge returns. The 800 people who parked their money with the firm included famous names like cricketer Rahul Dravid, ex-shuttler Prakash Padukone, his wife Ujjala and daughter Anisha. Police froze nearly 88 bank accounts of the investors following the scam.

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