Two sentenced for promising 84 per cent interest, cheating duo in Karnataka

BENGALURU: A special court in the city sentenced two persons for allegedly cheating a couple after promising a high interest rate of 84% per year under a financial scheme.

The court sentenced Mohammed Idhrees to five years of rigorous imprisonment and a fine of Rs 4 lakh, while the second accused, Mohammed Ameer Basha, to three years of rigorous imprisonment and Rs 3 lakh fine. They were held guilty for offences punishable under the provisions of IPC and the Karnataka Protection of Interest of Depositors in Financial Establishments (KPIDFE) Act, 2004.

Out of Rs 7 lakh fine, the court ordered Rs 6 lakh be paid as compensation to the victim, Yashaswini, and forfeited the remaining amount. The prosecution contended that Idhrees, convicted in four similar offences, is involved in nearly 10 such cases where cheating and defrauding allegations are levelled against him.

He is also facing similar cases in Tamil Nadu. He was arrested in another case pending at Ariyalur, Tamil Nadu. Basha was also convicted in three cases for similar offences, the prosecution argued.

“On considering the aggravating and mitigating factors, it is noticed that the offence which is committed by the accused No.1 and 2 could be termed as a white collared offence, which bleeds the economy of the nation,” said Judge Satish J Bali, 47th Additional City Civil and Sessions Judge and Special Judge for CBI Cases.

The accused were charge-sheeted by the CCB based on a complaint filed by the victims, Santhosh and Yashaswini, with the Pulikeshinagar police. Idhrees and Venkatachalam Ramachandram had floated a company, Fosterfin Capital Management, and promised an interest of 7% per month or 84% per year.

Santhosh and Yashaswini had invested Rs 5 lakh by transferring the amount to the account of Basha, in 2013. But the accused neither returned the principal amount nor interest. Venkatachalam and the firm were acquitted by the court.