The North CEN police in Bengaluru dismantled an online investment fraud racket and arrested 10 individuals involved in scamming a victim of ₹88 lakh. Among the arrested are three individuals who provided their bank accounts for fraudulent activities.

Key Details:

  • Arrests: Srinivas Reddy, Akash GM, Prakash H, Sunil Kumar, Kishor Kumar, Ravi Shankar, Suresha V, and bank account holders Madhusudana Reddy, Obul Reddy, and Sai Prajwal.
  • Seizures: 51 mobile phones, 27 debit cards, 480 SIM cards, 108 bank passbooks, 48 bank accounts, 42 rubber stamps, and 103 financial documents.
  • Modus Operandi: Victims were lured via online ads promoting stock market investments and directed to use the fake app Brandy Speed. Small returns were initially provided to build trust, but accounts were later frozen to trap victims.
  • International Links: The operation was led by a kingpin in Dubai, with local players earning commissions for facilitating the fraud.

The police are continuing the investigation and working to recover the defrauded money.