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Fraud firms cheat investors of Rs 25 cr

After the infamous Viniv Inc scam, Bangalore police busted two gangs who were running “profit-sharing’’ companies, Info Science and Icons, and had cheated investors of Rs 25 crore.

The accused had advertised that if investors paid Rs 50,000, the company, which is located in Banashankari, will buy computers and rent them out. Investors would get the rent of Rs 4,000 to 6,000 a month as profit. For women and senior citizens, they had promised returns of Rs 3,500 for a deposit of Rs 50,000. Initially, they paid the interest promptly and after gaining investors’ confidence, they disappeared.

The company’s managing director, H R Prabhakar had raked in about Rs 25 crore and escaped on March 23. When the company shut down, investors lodged cases at Chennammanakere Achkat, Magadi Road and Girinagar police stations against Prabhakar, general manager B N Radhamani, director and share holders H R Venkatesh Prasad and H R Anand. On collecting information, the Central Crime Branch (CCB) sleuths found that Prabhakar had taken shelter in America.

They forced him to return to Bnagalore and arrested him and his associates by laying a trap.

The company had branches at Rajajinagar and Mumbai and advertised in newspapers and on the internet. They had bought six sites at Krishnarajapuram and Seegehalli costing upto Rs 1 crore, two cars worth about Rs 23 lakh, computers, laptops and other goods worth Rs 2 crore.

Source: Express Buzz


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