Owner of 'IT firm' held for duping 250 grads of Rs 2.5 cr

Owner of 'IT firm' held for duping 250 grads of Rs 2.5 cr

Police have arrested a 24-year-old man, who ran a fictitious IT training firm, on a charge of duping 250 BE graduates of a total of Rs 2.5 crore by promising them “well-paying” jobs in “reputed” companies.

Dhananjay alias Raju Reddy, who reportedly ran the company, Life Time Soft-Tech Ltd, in Koramangala 5th Block, was arrested on Wednesday. “He pocketed Rs one lakh each from 250 young engineering graduates who paid the money in the hope of landing good jobs,” Commissioner of Police, Raghavendra Auradkar, told a press conference here on Thursday.

The firm run by the suspect collected the money as security deposit, promising to place the graduates in reputed IT companies. “He had opened the firm using fake documents, and advertised for training programmes in software development,” Auradkar added.
The security deposit was collected in the form of demand drafts (DDs) from those who enrolled for the training programme. “All went well until December 3 when people at the helm of the firm simply disappeared, raising suspicion,” Auradkar explained.

Police came into the picture when a trainee, Shivakumar, lodged a complaint with them. After the arrest of Dhananjay, police recovered Rs 1.9 crore in cash, 650 gm of gold worth Rs 17.8 lakh, furniture worth Rs two lakh and a two-wheeler worth Rs 60,000.

The recovered money and valuables would be submitted to the court and the next step taken as per its directions. The City police chief was certain that other “accomplices” to the crime would be arrested soon and the rest of the money recovered from them.
Auradkar also that other victims could approach the police as it might help in tracking down the other suspects.

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