Sign in Subscribe
Financial markets

Massive Financial Fraud Exposed in Mysuru: Over 125 Victims Duped of Rs. 80 Crore

Strategic Insights

— 1 min read

A massive financial fraud has come to light in Mysuru, where over 125 unsuspecting individuals were duped of more than Rs. 80 crore by three masterminds who promised them high returns through stock market trading. The prime accused, S. Shruthi, a resident of Bengaluru, Ramachandra Hegde, a priest from Mysuru, and Rajkumar, a resident of Mysuru, allegedly orchestrated the scam by opening an office in Hootagalli and contacting potential investors, who were mostly educated and intelligent individuals.

Key Takeaways:

  • Over 125 individuals from six districts (Mysuru, Mandya, Chamarajanagar, Chikkamagaluru, Hassan, and Bengaluru) were duped of more than Rs. 80 crore by the accused.
  • The accused claimed to have made quick fortunes through stock marketing and promised extraordinary returns to anyone who invested.
  • The victims include businessmen, a retired Deputy Superintendent of Police, IT-BT professionals, industrialists, school teachers, college lecturers, and other professionals.
  • Despite Police awareness campaigns on online fraud and cybercrime, educated individuals continue to fall prey to such scams driven by the lure of quick money.
  • The accused opened an office in Hootagalli and contacted potential investors, who were mostly from Mysuru and surrounding areas.
  • The victims were promised high returns through stock market trading, but were instead issued bank cheques and promissory notes.
  • The prime accused, S. Shruthi, was arrested from her Bengaluru apartment and brought to Mysuru, while Ramachandra Hegde was granted bail on October 30.
  • Rajkumar remains out on anticipatory bail, despite being an active participant in the scam.
  • The CEN Police in Mysuru have arrested the suspects and are investigating the case.

Statistics:

  • Over 125 individuals were duped of more than Rs. 80 crore by the accused.
  • The victims include:

+ 15 businessmen

+ 10 IT-BT professionals

+ 5 industrialists

+ 5 school teachers

+ 5 college lecturers

+ A retired Deputy Superintendent of Police

+ An engineering college principal's son

+ Other professionals

  • Rs. 80 crore is the approximate amount of money that was siphoned off by the accused.
  • The victims were mostly from Mysuru and surrounding areas.

Sources:

  • "125 from six districts fall victim to stock market swindle" by HT Digital Content Services, provided by SyndiGate Media Inc., from Star of Mysore.

Read more