The record
Written from the 1 report below. Nothing here is unsourced.
- Hoskote police arrested a gang that cheated people of more than 4.5 crore rupees by promising returns of one crore for every ten lakh invested.
- The gang lured victims with claims that the money was tied to the late Jayalalithaa's benami assets, with the main accused posing as an RBI manager.
- The main accused, Yalachenahalli Shashikumar, collected cash, cheques and gold ornaments from friends and acquaintances around Hoskote over several years.
- The accused used the fraud money to buy vehicles and land, and threatened victims who demanded their money back.
- Police say more victims are expected to come forward, and further complaints will lead to a wider investigation.
What to watch next
- Whether additional victims file complaints with Hoskote police
- Recovery of money and seizure of vehicles and land bought with the fraud proceeds
- Investigation into associates, including Dalit organisation leaders who were allegedly paid to threaten victims
Coverage1
1 report
Indian-language1
All filed from India
Named India · Reserve Bank of India · Ambuja Shashikumar · Chandrakant · Hoskote Police · Jayalalithaa · Nagesh · Pramila Shashikumar · Shashikumar · Venkataravanappa
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