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Bengaluru
12 Mar 2018

Dravid, Nehwal, Prakash Padukone, 800 others duped of Rs. 300cr

Dravid, Nehwal, Prakash Padukone duped by investment company

The MD of Vikram Investments, a Bengaluru-based company, has been arrested for duping the likes of cricketer Rahul Dravid, badminton player Saina Nehwal and former badminton star Prakash Padukone, and others of around Rs. 300 crore.

Raghavendra Sreenath and his associates- former sports journalist Sutram Suresh, Narasimhamurthy, KC Nagaraj and Prahlad- were arrested for duping almost 800 people, many of whom are prominent personalities.

In context

Dravid, Nehwal, Prakash Padukone duped by investment company
Agarbatti company boss gave heads-up to cops about scam

Scam

Agarbatti company boss gave heads-up to cops about scam

The scam became known when an incense stick company owner filed a police complaint alleging that he and his brother had invested Rs. 11.7 crore with Vikram Investments in 2016, and the accused are now refusing to pay back their return.

Cops registered a case under Section 403 (dishonest misappropriation of property), 406 (criminal breach of trust) and 420 (cheating) and started investigation.

Process

Suresh used his journalistic connections to influence sportspeople

"Our investigations show that the accused have cheated over 500 investors, including businessmen, IT professionals, doctors, and engineers," said the police.

Cops further said that Suresh, being an eminent journalist, used his influence in convincing many sportspeople to invest in the Ponzi scheme that promised 40% returns on investments.

"They have been sent to custody for 14 days," a police officer said.

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Some famous Ponzi scams that rattled India

Scams

Some famous Ponzi scams that rattled India

Several Ponzi scams have rocked India.

Sahara scam: Once an influential entrepreneur, Subrata Roy is accused of duping investors of Rs. 36,000 crore.

Saradha scam: In 2014, Saradha Group went bankrupt, duping more than 17.4 lakh people of up to Rs. 30,000 crore.

Bhangoo scam: Once a milk seller, Nirmal Singh Bhangoo and three others duped 5.5 crore investors of Rs. 45,000 crore.

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