Bengaluru: Police arrest ex-army man for investment fraud worth Rs 3.5 crore

Bengaluru: The Central Crime Branch (CCB) Police have arrested a former army man for allegedly cheating hundreds of investors through an online scam in Bengaluru. It is said that he swindled Rs 3.5 crore from them since December 2020.

The accused has been identified as Johny KV, from Kerala. The accused used to offer minimum investment and a good amount of returns by clicking on ad links.

The investors were attracted to a pyramid-model scheme with the accused claiming to be an active member of a UK-based lifestyle company. He used to conduct meetings on Zoom, and other online platforms to discuss investment.

He charged Rs 1,109 for first-time investors for a basic membership, 60 advertisement clips were then sent to various social media accounts they operated. It is said that Rs 4 was offered to watch each ad which enabled each person to earn at least Rs 240 per day.

The clients were asked to upgrade to premier membership. However, the accused would stop paying them after a few initial instances.