Vikram Investments case: accused bought properties under 'benami'
A senior police officer said the managing director of the firm, Raghavendra Srinath, and his four associates had purchased properties by diverting the money invested by their customers. DH file photo for representation.
The investigation into Vikram Investments fraud case revealed that the accused were buying properties through 'benami' transactions.
A senior police officer said the managing director of the firm Raghavendra Srinath and his four associates had purchased properties by diverting the money invested by their customers.
The properties, including a two-storied house in Banashankari II Stage where Srinath was living, were bought through 'benami' transactions.
Srinath and his associates are accused of cheating more than 800 investors of Rs 350 to Rs 400 crore.
Police are still gathering information on his associates, Sutram Suresh, Narasimha Murthy, K C Nagaraj and Prahalad, and their investments in real estate.
A police team visited Srinath's house on Tuesday and seized property documents.
The five accused will be produced before the 3rd Additional Chief Metropolitan Magistrate court on Wednesday as their police custody will end.
The police will seek an extension of custody as the investigation is not complete.
So far, more than 250 investors have lodged complaints. The police have registered all these complaints under a single FIR.