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The accused have been identified as Manjunatha T K, a film producer, and his friends K K Shivakumar, Chandrashekar and Gopal Shivakumar.
It is said that the accused would take advance money from investors on the pretext of selling sites.
As per a complaint filed by Pushpak Kumar, the accused had opened a company named Eagle Tree Builders and Developers Pvt Ltd and got in touch with him last September.
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Further investigations are underway.