Belagavi: Belagavi City Crime Branch (CCB) police have arrested four people in a major operation after an alleged money-doubling fraud attempt was made in Tilakwadi. They allegedly told the victims that they would deposit Rs 5 crore into a bank account in return for Rs 3 crore cash.
The police had raided a house in Shanti Nagar, Tilakwadi, Belagavi. Four people were arrested for allegedly being part of the money doubling racket.
As per the preliminary information, Shivlingayya Ganachari, Sagar Killeketh and Vinayak Nokare offered to change ₹3 crore in cash into ₹5 crore online through bank transfer, but the deal was allegedly done by trying to fool the other party with counterfeit currency.
Fake ₹3 Crore Cash Used to Convince the Gang
The alleged fraud was to make a bundle of fake currency notes look like ₹3 crore in genuine cash. Police said Shivanand Munavalli allegedly tried to persuade the group that he had the promised amount ready with him.
The accused allegedly put genuine ₹500 notes on top of the bundles and fake notes underneath. Some of the notes were children’s play currency (toy money).
The plan was allegedly to show the bundles as real cash worth ₹3 crore and get the other group to transfer ₹5 crore online.
The incident shows how both sides of the proposed deal were trying to deceive each other (through a fake money doubling arrangement).
Four Accused Arrested in CCB Operation
After the operation at Shanti Nagar residence in Belagavi, CCB police arrested four people allegedly involved in the case.
The police reportedly seized ₹5000 cash, five mobile phones, copies of fake bank statements and an air pistol from the accused.
The seized items will be part of the investigation into the fraud attempt. Police are looking at what each accused did and how the cash-for-online-transfer deal came about.
Case Registered at Tilakwadi Police Station
A case has been registered at Tilakwadi Police Station in Belagavi in connection with the incident.
The investigation should also find out how the accused came to know each other, how the money-doubling plan was hatched, and whether anybody else was involved.
The incident reminds us that offers promising unusually high returns through money-doubling schemes can involve serious financial fraud. People should be wary of suspicious cash transactions and not take part in unverified financial deals.
The Belagavi police operation has exposed the alleged scam, and further details will emerge as the investigation proceeds.
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