Bengaluru contractor duped of ₹2 crore in investment scam promising double returns: Report

Efforts are ongoing to trace the remaining suspects and recover the rest of the stolen amount.

Updated on: Jan 13, 2025, 13:42:10 IST

By HT News Desk | Edited by Anagha Deshpande

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Bengaluru police have arrested seven individuals linked to an interstate gang accused of defrauding a water supply contractor of ₹2 crore under the guise of a high-return investment scheme.

The gang reportedly set up small offices under the name “MEDB Capital Berhad” to lure unsuspecting investors. (Freepik)

According to the Indian Express report, the group, operating under a fictitious firm, targeted victims with promises of doubling their money within 24 hours.

The arrested include Shyam Thomas (59) and Josh M Kuruvilla (62) from Kerala, and Vijay Vaman (45), Jaffar Saadiq (39), Amith Mahesh Gidwani (49), and Jeen Kamal (45) from Bengaluru’s JP Nagar, the report added.

The scheme was allegedly orchestrated by Vicky Ahuja, believed to be in Malaysia, while other accomplices remain at large.

The gang reportedly set up small offices under the name “MEDB Capital Berhad” to lure unsuspecting investors. One of their targets, Naveen J (34), a contractor from West Bengaluru, was introduced to the scheme through a mutual acquaintance. After several discussions, Naveen was convinced to invest ₹2 crore.

On December 11, Naveen delivered the cash to the gang’s temporary office in Cubbonpet. He was assured of immediate returns and even received ₹10,000 as an initial transfer to his account. However, the remaining funds never materialized. Claiming they needed to deposit the cash in a bank for safekeeping, the fraudsters left with the money. When further transfers didn’t occur, Naveen realized he had been deceived and approached the police.

(Also Read: Two men die by suicide in Bengaluru after losing money in online gambling: Report)

Hawala transactions

Investigations revealed that the gang channeled the stolen money through hawala transactions. One key figure, Urvashi Goswami (alias Sonu), allegedly managed the distribution of the funds. Police have since recovered ₹44 lakh from her possession.

Officers suspect hawala routes were extensively used for laundering the money. “While there is evidence of hawala transactions, further verification is needed. If confirmed, the Enforcement Directorate (ED) will be involved,” said a senior officer according to the report.

Efforts are ongoing to trace the remaining suspects and recover the rest of the stolen amount.

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