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Mysuru: Duo posing as RBI officers dupes over 20 people, held | Mysuru News

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MYSURU: The luck of two con artists who had duped more than two dozen people in Mysuru and Bengaluru finally ran out when City Crime Branch (CCB) sleuths arrested the duo. Manju, 30, a real estate agent and B Shankar, a retired conductor, are now cooling their heels in jail.
The duo’s modus operandi was simple: Shankar and Manju posed as officers from the Reserve Bank of India (RBI) and collected money from unsuspecting people to the tune of crores of rupees with the promise of RBI bonds at a higher value. Among those taken in by the duo included retired professors and local businessmen. Acting on a tip-off, CCB sleuths were able to apprehend both of them, who allegedly had plans to design to get nearly 40 more people to invest in their phony scheme.
The duo’s operation was mounted on a large scale. A group of people in Mysuru who had invested in the ‘scheme’ were taken to a hotel in Mumbai for a meeting with a bunch of individuals posing as RBI officers. In fact, the duo also bought these investors new suits to impress them. However, police soon got wind of their activities and took the duo into custody on March 8.
This is second such offence reported in Mysuru in recent months. A few months ago, scores of investors were cheated of more than Rs 7.5 crore, which they had invested in wealth management firms for the promise of impressive returns. The case was entrusted to the CID to probe.
“They pretended to be RBI officers and assured their investors that the bonds would mature within three to six months,” CCB assistant commissioner of police CK Ashwathnarayan told TOI.
The ACP said that Manju and Shankar had even set up an office in Hebbal, which was where they met with prospective investors. “They then created fake bonds that were affixed with RBI stickers. They showed these bonds to the investors to gain their trust, but these were not handed over to them,” he added.
Ashwathnarayan said that the duo had hired another man to stay at their office in Hebbal, posing as an RBI officer. “This man’s job was to advertise the bonds. We are yet to ascertain the exact amount of money that the duo cheated people of. We are quizzing them and are trying to learn if they were involved in other crimes and the extent of their network,” he added.

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