<p>Bengaluru: The Hebbal police have arrested seven people believed to have defrauded over 15 people through a sophisticated money-doubling scheme.</p>.<p>Authorities estimate that the total amount swindled could exceed Rs 50 crore. So far, four victims have come forward to file complaints.</p>.<p>The suspects — identified as Nageshwar Rao, Sujarita, Kalpana, Dilip, Tarun, Gowtham and Varun — allegedly operated the scam for the past six years without ever being arrested.</p>.<p>To gain the trust of their targets, the gang reportedly impersonated officials from the Reserve Bank of India (RBI) and Enforcement Directorate (ED).</p>.BBMP sets 10 conditions for PGs; Koramangala stabbing incident spurs move.<p>Police said the scam was executed in a chain-link manner. The suspects would approach potential targets through mutual acquaintances and persuade them to introduce more people to the scheme.</p>.<p><strong>Modus operandi</strong></p>.<p>An investigating officer explained that the suspects would first build a rapport with their targets, ensuring they earned their trust before making any offers.</p>.<p>"Initially, they would request a nominal credit of Rs 15 lakh, promising to return it with 3% interest. Once they received the money, they would wait until their targets asked for the repayment," the officer told Deccan Herald.</p>.<p>When pressed to return the money, the suspects would introduce a new scheme, claiming they were converting black money into white through legal channels.</p>.<p>They would then invite their targets to invest, promising to double the money.</p>.<p>To further convince their victims, the suspects introduced additional members of their gang who posed as RBI and ED officials. If successful, they would secure investments from their targets in installments.</p>.<p>Police believe that the gang has duped more than 15 people. "There is another case involving these suspects at the KR Puram station, which we are currently investigating," the officer added.</p>
<p>Bengaluru: The Hebbal police have arrested seven people believed to have defrauded over 15 people through a sophisticated money-doubling scheme.</p>.<p>Authorities estimate that the total amount swindled could exceed Rs 50 crore. So far, four victims have come forward to file complaints.</p>.<p>The suspects — identified as Nageshwar Rao, Sujarita, Kalpana, Dilip, Tarun, Gowtham and Varun — allegedly operated the scam for the past six years without ever being arrested.</p>.<p>To gain the trust of their targets, the gang reportedly impersonated officials from the Reserve Bank of India (RBI) and Enforcement Directorate (ED).</p>.BBMP sets 10 conditions for PGs; Koramangala stabbing incident spurs move.<p>Police said the scam was executed in a chain-link manner. The suspects would approach potential targets through mutual acquaintances and persuade them to introduce more people to the scheme.</p>.<p><strong>Modus operandi</strong></p>.<p>An investigating officer explained that the suspects would first build a rapport with their targets, ensuring they earned their trust before making any offers.</p>.<p>"Initially, they would request a nominal credit of Rs 15 lakh, promising to return it with 3% interest. Once they received the money, they would wait until their targets asked for the repayment," the officer told Deccan Herald.</p>.<p>When pressed to return the money, the suspects would introduce a new scheme, claiming they were converting black money into white through legal channels.</p>.<p>They would then invite their targets to invest, promising to double the money.</p>.<p>To further convince their victims, the suspects introduced additional members of their gang who posed as RBI and ED officials. If successful, they would secure investments from their targets in installments.</p>.<p>Police believe that the gang has duped more than 15 people. "There is another case involving these suspects at the KR Puram station, which we are currently investigating," the officer added.</p>