Bengaluru: Chennai native held for cheating priest of Rs 1.7 cr on stock market promise

Police have arrested a 45-year-old man from Chennai who allegedly cheated a priest of Rs 1.7 crore in the name of doubling his money through stock market investment.

Police have so far confiscated Rs 45 lakh and property documents from the suspect, Seshagiri.

Police said Seshagiri was a BCom graduate and worked at a private company in Chennai. He had developed an interest in the stock market, quit his job and moved to Bengaluru.

He struck a friendship with Raghavendra Acharya after regularly visiting a mutt where the latter was a priest.

Acharya had told the suspect about his plan to buy a plot and said he was saving money for that. Seshagiri allegedly manipulated him and promised that he could double the money by investing in stocks. Acharya paid him a total of Rs 1.7 crore in instalments.

Seshagiri, however, suffered losses in the stock market and fled Bengaluru. Acharya filed a police complaint against him. Police booked him for cheating.

A police officer said Seshagiri had spent the money he received from Acharya on buying a property. Police have confiscated the documents of that property.