A major financial fraud has been reported in Bengaluru. A group of accused persons allegedly set up a fake bank and cheated many investors by promising high returns on their investments. The case has been registered with the Bengaluru CCB Cyber Crime Police, and a detailed investigation is underway.
What’s shocking is that – A fake bank was created in India’s high-tech city, and nobody even noticed it. Here, investors are also at fault. They forget that there is no such scheme that offers high returns.
According to the complaint, the accused, Kabir Pasha and Jeet Singh, introduced themselves as fundraisers of CN IFFCO Private Limited. They claimed to be running a cooperative society bank called Buddha International Credit Cooperative Society. Police later found that this society had no valid registration or legal approval.
The accused told investors that they would get assured monthly profits if they invested large amounts of money. They promised a return of 10 percent on an investment of ₹1 crore. Many investors were attracted by the promise of quick and high returns.
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The accused claimed that their bank had branches in major metro cities across India and that many investors were already earning good profits. People trusted them and invested their money in their schemes.
When victims did not receive the promised returns, they questioned the accused. They kept assuring the investors that the money would be credited soon. After a few days, the accused switched off their mobile phones and went missing.
The victims then filed a complaint at the Bengaluru CCB Cyber Crime Police Station. During the initial investigation, police found that several investors in different cities were cheated using the same fake bank scheme.
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Police officials said the accused used a fake cooperative society name to gain trust. They targeted investors by promising high and guaranteed returns. Further investigation is ongoing to trace the accused, find out the total money involved, and identify others linked to the scam.
The cyber frauds are increasing rapidly. A few days ago, a retired DGM of Punjab National Bank in Aligarh was defrauded of Rs.1.10 crore. Dinesh Kumar Sharma, a retired Deputy General Manager (DGM) from Punjab National Bank, said, “Cyber fraudsters have been tricking me since November 2nd. Initially, they sent me a link on WhatsApp, urging me to invest money in the stock market.” Click here to read this news.
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