Three held for duping bizman with Rs 1 crore fake currency in Bengaluru

BENGALURU: The Jayanagar police have arrested three persons who had cheated a 56-year-old contractor looking for a loan by giving Rs 1 crore in counterfeit currencies and cheating him to the tune of Rs 27 lakh. The accused have been identified as Munna Sharun (35), Vishnurajan R (26), both residents of Dinnur Main Road in RT Nagar, and Praveen Kumar (40) of Ramamurthy Nagar. The police are on the lookout for Lakshman Rao, Tushar and Ashalatha Rao.

Police said the complainant, N Parthasarathy, a resident of Ideal Homes Town in Rajarajeshwari Nagar, who has an office in Jayanagar 4th block, had taken a loan of around Rs 1.75 crore by mortgaging his property with a financial institute in Banaswadi in 2017 to invest in his construction business. Due to the pandemic, he incurred losses and was unable to clear the loan leading the bank to declare him as a Non-performing Asset.

“He came in contact with the accused who assured him of arranging the loan. They claimed that they have Rs 13 crore and will give a five per cent discount if he borrowed it fully. However, they asked him to transfer Rs 27 lakh as stamp duty and the victim transferred the money online. The accused gave him a bag full of cash in Rs 500 denomination and said there was Rs 1 crore. The unsuspecting complainant received it only to realise later that they were fake currencies and lodged a police complaint,” the police said.

The police have seized two cars, including a Jaguar luxury car, 6 kg of duplicate gold biscuits, Rs 1 crore fake currency, cash of Rs 20 lakh and fake bullets from the accused.