[ad_1]
BENGALURU: A software engineer, who quit his job to start a biscuit business, and four other members of his family allegedly deceived at least four people of Rs 78 lakh by promising high returns on investments. Manoj Rao, 28, a resident of Nanjambha Agrahara, was arrested on Friday.
Four people approached the police with complaints, based on which they filed charges against Rao, his mother, his sister and two of their relatives. Rao and his family members, according to the police, won the trust of the victims and enticed them to invest in his business. “Rao said he lost all the money he took from the victims for online gambling and cricket betting,” police said. The victims are all his relatives and friends.
“After completing his engineering training, he joined a private company as a software engineer. He used to earn Rs 30,000 from the rent (from the property) in addition to his salary. He quit his job and started supplying cookies to neighboring states with his friends,” a police official said.
Nithin N, 30, a resident of Rajarajeshwarinagar, said in his complaint that Rao’s family convinced him to invest Rs 35 lakh in the business. Basavaraj, 53, from Nanjamba Agrahara lost Rs 10.5 lakh; Kumuda P, 45, from Hanumanthanagar, Rs 21 lakh and Rao’s cousin Naresh Rao, Rs 11.5 lakh.
“I am an artist and my father is a BMTC driver. We had a soft spot for Manoj because his father passed away a few years ago. We gave him our hard-earned money, but he took advantage of it and deceived us,” Naresh Rao told TOI.
Police say Rao may have deceived several other people and the value of the money his victims lost could be in the millions of dollars. A local court took him into custody.
“He is suspected of raising funds worth millions of rupees from his relatives and friends which he never returned. He did not even pay their share of the proceeds as promised. The victims tried to settle the dispute and asked him to return their money but to no avail,” a police officer said.
Four people approached the police with complaints, based on which they filed charges against Rao, his mother, his sister and two of their relatives. Rao and his family members, according to the police, won the trust of the victims and enticed them to invest in his business. “Rao said he lost all the money he took from the victims for online gambling and cricket betting,” police said. The victims are all his relatives and friends.
“After completing his engineering training, he joined a private company as a software engineer. He used to earn Rs 30,000 from the rent (from the property) in addition to his salary. He quit his job and started supplying cookies to neighboring states with his friends,” a police official said.
Nithin N, 30, a resident of Rajarajeshwarinagar, said in his complaint that Rao’s family convinced him to invest Rs 35 lakh in the business. Basavaraj, 53, from Nanjamba Agrahara lost Rs 10.5 lakh; Kumuda P, 45, from Hanumanthanagar, Rs 21 lakh and Rao’s cousin Naresh Rao, Rs 11.5 lakh.
“I am an artist and my father is a BMTC driver. We had a soft spot for Manoj because his father passed away a few years ago. We gave him our hard-earned money, but he took advantage of it and deceived us,” Naresh Rao told TOI.
Police say Rao may have deceived several other people and the value of the money his victims lost could be in the millions of dollars. A local court took him into custody.
“He is suspected of raising funds worth millions of rupees from his relatives and friends which he never returned. He did not even pay their share of the proceeds as promised. The victims tried to settle the dispute and asked him to return their money but to no avail,” a police officer said.
[ad_2]
Source link
:quality(70)/d1hfln2sfez66z.cloudfront.net/08-12-2022/t_40aa6ee032ca4ec9b56dea564c69147d_name_file_960x540_1200_v3_1_.jpg)
