The arrested, Justin Devadas had opened a firm, JBJ City Developers on CMH Road in 2007 promising ultramodern flats to public. Nearly 600 persons subscribed to the scheme and Devadas collected Rs 3.50 lakh to Rs 4 lakh from each of the members with a promise to return the money after one year along with the site.
A few months later, he started the Foundation of Welfare on the same premises and launched another scheme. He assured that those who deposited Rs 5,000 in the Foundation would get Rs 10,000 after a year. Over a thousand people invested money in the Foundation. In September this year, he closed down his office and fled to Tamil Nadu. Several cheating cases were registered against him, said the police.
The police said that people from JB Nagar, Byapanahalli, Airport Road and other areas had invested money with Devadas. The police have recovered two expensive cars from the accused, who was leading a luxurious life. It is reported that he had cheated several people in similar manner in Chennai, Tirunelveli and Coimbatore.
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