Mangalore: Multi-crore Investment Scam: Police Nab Praveen Shetty
Pics: Spoorthi Ullal
Daijiworld Media Network - Mangalore
Mangalore, Jul 12: Praveen Shetty, partner in Global Index Investment Company and the main accused in a scam that had over 2000 people duped of their money, was taken into custody by the Kadri police on Tuesday July 12, after his arrest in Bangalore on Monday July 11.
Addressing mediapersons here on Tuesday, city police commissioner Seemanth Kumar Singh informed that Praveen along with four of his accomplices set up 'Index Daily' at hotel Poonja International, before shifting within a week to hotel Hindustan. In a few months' time, they opened offices in Mahendra Arcade and continued luring investors with the promise of 'doubling' their money. Its name was changed to Global Index later on.
Though this happened last year, it was only in March this year that the investors came to know about the fraud. By then people had already invested close to Rs 12 crore in the company, and the five had gone missing with the booty.
Then on, police began a hunt and arrested Praveen's accomplices Shekar Bhat alias Purushottam Bhat (43) of Shishila, Ashok Kumar (44) of Kottara, T Koragappa Poojary of Puttur, and Vasanth K D. However, Praveen managed to give the police a slip until he too was arrested on July 11 in Bangalore's Sheshadripuram. He was brought to the city on July 12.
On earlier arrests, police had seized a car, Rs 35 lac, documents, and several mobile phones from Praveen's accomplices.
On Tuesday, police confiscated two laptops and Rs 27 lac from Praveen, apart from seizing his bank account which contained Rs 1,95,498 and property worth Rs 29 lac.
DCP M Muthuraya, DCP Dharmaiah and K U Belliappa, station house officer of Suratkal police station were present.