A major investment scam of ₹11.46 crore has come to light in Shivamogga, Karnataka, where a couple cheated multiple investors by promising them attractive monthly returns. An FIR has been filed at Tunganagar Police Station in Shivamogga against Manjula and her husband Abhilash N.M. for collecting crores of rupees in the name of the private company Worknox Solutions Private Limited. The complaint says that the accused lured investors by promising big monthly profits in exchange for large investments.
The accused couple allegedly promised investors that they would get ₹1.25 lakh per month for every ₹25 lakh invested in the scheme. The attractive returns were said to have lured several people to put their hard-earned money into the scheme. They approached people through their personal contacts and convinced them to invest in Worknox Solutions Private Limited. Investors in Shivamogga and Bhadravathi are worried as the accused assured them of huge returns when they invested huge amounts of money with them.
Medical Store Owner Allegedly Invested ₹25 Lakh
The complainant, Shashidhar B.M., who owns a medical store in Bhadravathi, got to know about the accused couple one year before the complaint was filed. Manjula and Abhilash used to visit his medical store regularly and spoke with him regarding investment opportunities. The couple explained their investment scheme to him and promised good returns on investments.
The complaint says that the accused gradually won Shashidhar’s confidence by assuring him of huge monthly profits. He was allegedly convinced when they told him to invest ₹25 lakh in the company and, on September 24, 2024, mortgaged house documents to get a loan of ₹25 lakh. He handed over the amount in cash to Manjula, expecting monthly returns.
After Shashidhar invested the money, he told his friends and acquaintances about the investment opportunity. Others were also interested in the scheme and invested their money on the assurances given by the couple.
Investors Allegedly Cheated of ₹10 Lakh to ₹69 Lakh
The FIR reportedly says that multiple investors had invested different amounts in the alleged scheme, and the amount collected from individual investors allegedly varied between ₹10 lakh and ₹69 lakh. The complaint says the total involved in the alleged fraud is about ₹11.46 crore.
The accused allegedly collected money through different channels: accounts with HDFC Bank, Axis Bank and State Bank of India in Shivamogga and Bhadravathi; bank transfers; cash investments. Apart from bank transfers the couple also accepted cash investments.
The complaint further states that certain financial transactions were made from the bank account of Worknox Solutions Private Limited. The company’s name was allegedly used when the investment opportunity was being presented to investors. Alleged use of a private company’s identity and banking accounts has become an important part of the allegations in the FIR.
Investors were allegedly told their money would be regular income through business of the company. Allegations have now led to a police complaint about crores of rupees collected from many people.
Bengaluru Company Operations to Be Shifted to Shivamogga
The complaint said the accused couple made further claims to make investors put more money into the scheme. It was claimed that the company’s operations (which were based in Bengaluru) would be shifted to Shivamogga.
The couple also allegedly said they had an agreement with a foreign company. Those statements were said to have bolstered the confidence of investors (who believed business was expanding and would make big profits).
The alleged promises of business expansion and foreign collaboration may have been important in persuading investors to invest more money. The complaint says the accused used these assurances to attract additional funds from people within their own personal networks.
FIR Registered at Tunganagar Police Station
An FIR has been registered against Manjula and Abhilash N.M. at Tunganagar Police Station in Shivamogga for allegedly collecting ₹11.46 crore from investors on the promise of high monthly returns.
The allegations have exposed the risks of investment schemes that promise unusually high and guaranteed profits. Financial experts generally tell investors to check the legitimacy of companies, examine their business operations and get financial advice before investing large sums of money.
Investors are also warned not to be fooled when investment opportunities are sold based on personal relationships or verbal assurances. Documentation, regulatory verification and transparent financial disclosures are all steps in protecting investments.
The alleged Shivamogga investment scam has scared those who were affected, people who allegedly took loans or mortgaged their properties to invest in the scheme. The probe will reveal complete details of transactions, the number of investors affected and the role of the accused couple.
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