<p>The Central Crime Branch (CCB) arrested two men who cheated people of Rs 31 crore on the pretext of giving high returns on their investments. </p>.<p>The suspects are Ashok Mogaveera, 52, of Jnanabharathi Layout near Nagadevanahalli, and Joji Paul J alias Jajipal, 29, of Maruthi Nagar in Yelahanka. </p>.<p>They have cheated 870 people, mostly retirees. Police are trying to recover the money from them. </p>.<p>The duo ran a currency trading firm named Sanjose Wealth Management on Dr Rajkumar Road. They lured people to invest money in their firm by assuring high returns. After cheating people, they shut their office and disappeared. </p>.<p>Anitha Y N who had lost Rs 27.5 lakh filed a complaint with Rajajinagar police, saying the duo had promised her high returns. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/city/bengaluru-crime/bluru-man-tricks-lover-into-hanging-herself-1213630.html" target="_blank">B'luru: Man tricks lover into hanging herself</a></strong></p>.<p>The case was registered under the Banning of Unregulated Deposit Schemes Act and IPC Section 420 (cheating). </p>.<p>Bengaluru Police Commissioner C H Pratap Reddy transferred the case to the CCB. S D Sharanappa, Joint Commissioner of Police (Crime), entrusted a special team to nab the duo. </p>.<p>The CCB's Economic Offences Wing headed by Assistant Commissioner of Police Jagadish H C and Inspector Kavitha nabbed them. </p>.<p>Police learned that Paul had been hiding in Goa since September 2022. The team traced him with the help of technical assistance. Later they nabbed Mogaveera. </p>.<p>A senior officer said Mogaveera had worked in a Kannada channel for 10 years. After quitting the job, he joined a private bank where Paul worked and became friends with him. Paul came up with the idea to open a currency trading firm. </p>.<p>Accordingly, they opened Sanjose Wealth Management and offered 2-5% monthly returns on investments. Initially, they collected money from 39 people and paid them returns. They invested the money in businesses such as sports stores, resorts and others. </p>.<p>Once the investors got returns, they brought more investors. The duo paid the returns for two years but suffered losses in their business during the pandemic. </p>
<p>The Central Crime Branch (CCB) arrested two men who cheated people of Rs 31 crore on the pretext of giving high returns on their investments. </p>.<p>The suspects are Ashok Mogaveera, 52, of Jnanabharathi Layout near Nagadevanahalli, and Joji Paul J alias Jajipal, 29, of Maruthi Nagar in Yelahanka. </p>.<p>They have cheated 870 people, mostly retirees. Police are trying to recover the money from them. </p>.<p>The duo ran a currency trading firm named Sanjose Wealth Management on Dr Rajkumar Road. They lured people to invest money in their firm by assuring high returns. After cheating people, they shut their office and disappeared. </p>.<p>Anitha Y N who had lost Rs 27.5 lakh filed a complaint with Rajajinagar police, saying the duo had promised her high returns. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/city/bengaluru-crime/bluru-man-tricks-lover-into-hanging-herself-1213630.html" target="_blank">B'luru: Man tricks lover into hanging herself</a></strong></p>.<p>The case was registered under the Banning of Unregulated Deposit Schemes Act and IPC Section 420 (cheating). </p>.<p>Bengaluru Police Commissioner C H Pratap Reddy transferred the case to the CCB. S D Sharanappa, Joint Commissioner of Police (Crime), entrusted a special team to nab the duo. </p>.<p>The CCB's Economic Offences Wing headed by Assistant Commissioner of Police Jagadish H C and Inspector Kavitha nabbed them. </p>.<p>Police learned that Paul had been hiding in Goa since September 2022. The team traced him with the help of technical assistance. Later they nabbed Mogaveera. </p>.<p>A senior officer said Mogaveera had worked in a Kannada channel for 10 years. After quitting the job, he joined a private bank where Paul worked and became friends with him. Paul came up with the idea to open a currency trading firm. </p>.<p>Accordingly, they opened Sanjose Wealth Management and offered 2-5% monthly returns on investments. Initially, they collected money from 39 people and paid them returns. They invested the money in businesses such as sports stores, resorts and others. </p>.<p>Once the investors got returns, they brought more investors. The duo paid the returns for two years but suffered losses in their business during the pandemic. </p>
