Bengaluru: Homemaker alleges ₹2.5 crore fraud by ‘guruji’ promising ₹505 crore RBI funds
A Bengaluru homemaker was defrauded of ₹2.5 crore in cash and gold by a self-styled godman and his associates. The perpetrators falsely promised her a massive return on investment from purported Reserve Bank of India funds.
Why it matters
This case highlights the persistent threat of financial fraud involving superstitious exploitation and the misuse of institutional names to deceive vulnerable individuals.
The Central Crime Branch (CCB), Bengaluru, is on the lookout for a self-styled godman and two of his associates who allegedly cheated a 40-year-old homemaker of around ₹2 crore in cash and gold jewellery worth about ₹50 lakh by falsely promising to repay her ₹10 crore after receiving ₹505 crore from the Reserve Bank of India (RBI).
The victim, M. Kumuda, 40, originally from Palamaner in Andhra Pradesh and formerly residing in Chamarajpet in Bengaluru, had planned to raise a loan against her family-owned property.
Through her Mysuru-based friend Jyothi, she was introduced to Bharath and later to Shankar, who allegedly collected the property’s documents and claimed that obtaining a loan would be difficult as the property already had a ₹50 lakh loan. They subsequently persuaded her to enter the real estate business with them.
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