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Ex-scribe among 5 held in Bengaluru for cheating investors

Press Trust of India  |  Bengaluru 

Five persons, including a former sports journalist, have been arrested by the city police for allegedly several people of crores of rupees through a 'ponzi' firm, a top said today.

"Last week we had taken them into custody. We are interrogating them," DCP South Dr S D told PTI.

Those arrested are owner Raghavendra Sreenath and agents (former journalist), Narasimhamurthy, K C Nagaraj and Prahlad, he said.

Asked about reports in a section of media metioning names of some high-profile celebrities among those who had been duped, the DCP declined to comment, saying interrogation was on.

"We are interrogating and (will) come back to you once we gather more details. It will not be appropriate to name any high-profile celebrities names at this point of time," he said.

said a case was registered against the firm and the five persons on a complaint by one of the investors P R Balaji, who owns an incense sticks company, that they had cheated him,

The complainant alleged that the agents assured him guaranteed profits in commodity trading, but did not honour it.

Raghavendra set up the compay and appointed a few men including Suresh as agents promising them good money, police said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 21:10 IST