Another case of loan fraud surfaces in Bengaluru

BENGALURU: Interstate gangs of fraudsters have become active in Bengaluru, trapping businessmen desperately seeking big loans to meet their immediate working capital needs. That they have operated with a fair degree of success has alarmed city police.
P Krishnam Raju, 65, a resident of Hyderabad, is the latest victim of one such fraud. His relative Manthena Tarun Gandhi filed a complaint with HSR Layout police against a gang of miscreants, who cheated Raju of Rs 1.8 crore. Police said that two persons introducing themselves as Vijay Bhaskar Sharma and Narasimharao visited Raju’s office in Hyderabad recently. They assured him of Rs 100 crore loan to expand his business.
Raju believed the duo and came to Bengaluru. He visited the office of the accused persons in HSR Layout, 3rd Sector, and met one Kathirvelan there. The man promised to arrange a loan of Rs 100 crore and asked Raju to pay Rs 1.8 crore upfront towards the interest on loan for the first three months. Raju transferred Rs 90 lakh each to two different bank accounts the alleged fraudsters shared.
Kathirvelan had promised Raju that the loan would be transferred to his bank account on December 8. When Raju did not get the amount, he tried to contact Kathirvelan, but his mobile phone was switched off. So, Raju asked his relative Gandhi to visit the office and figured that Kathirvelan wasn’t available.
HSR Layout police have taken up a case of cheating against Kathrivelan and others. Police conducted a raid on the office and arrested four employees. The accused are Niveditha, Harshita, Naresh, and Vijay Anand. Kathrivelan had opened the office just about a month ago.
Police are making efforts to nab Kathirvelan, who is from Tamil Nadu. Preliminary probe revealed Kathrivelan had diverted the money to a few jewellers and purchased gold worth Rs 1.5 crore.
Same modus operandi in previous cases
Much before this case surfaced, Suddaguntepalya police registered two similar cases of cheating on November 18. However, police say the accused persons in the HSR Layout incident and Suddaguntepalya ones are different, but with stunningly similar modus operandi.
Two FIRs were lodged — one filed by businessman Girish P, 48, of Ashokanagar ( he lost Rs 2.3 crore) and businessman Panitar (he lost Rs 3.6 crore) and another filed by Taram, also a businessman, of Subansiri district in Arunachal Pradesh (he lost Rs 3.6 crore). Police named Daniel Armstrong, Vivekananda Kumar and Ravi Raghavan as the accused in both cases. Armstrong allegedly diverted the money to jewellery shop owners in Tamil Nadu and purchased gold. None have been arrested in these cases so far.
Girish was looking for Rs 150-crore loan and Taram, Rs 240 crore. Telugu playback singer Harini Rao’s father Ayalasomayajula Kaliprasad Rao aka AK Rao and his friend Marali reportedly contacted Girish and Taram over phone and asked them to meet Armstrong in Bengaluru for loan. Accordingly, the two met Armstrong and his accomplices, Kumar and Raghavan. The businessmen lost money to Armstrong after paying huge sums as a commitment fee. The victims later approached police.
Rao was reportedly found dead under mysterious circumstances on the railway track between Yelahanka and Rajanukunte in the early hours of November 23, a day after he appeared before police in connection with the cheating case.