Fraudulent Investment Schemes Uncovered

A 49-year-old Bengaluru resident, Savitha, has been arrested for orchestrating a multi-crore fraud targeting wealthy women through kitty parties. Known for her persuasive tactics, Savitha befriended affluent women by claiming connections with high-profile politicians. She then lured them into fraudulent investment schemes, promising lucrative returns on investments in gold from the UAE at lower rates. Her arrest follows a complaint by Kusuma, a long-time acquaintance and victim of the scam.

The Victim’s Story

Kusuma, a widow and homemaker living in Bengaluru, had known Savitha for 30 years. Since 2020, the two women engaged in financial exchanges. In 2023, Savitha convinced Kusuma to invest Rs 24 lakh in gold, promising fourfold returns. Kusuma transferred her life savings to Savitha through various means, including cash and digital payments. Despite repeated assurances of returns, Kusuma never received her money back.

The Arrest and Investigation

Savitha’s fraudulent activities came to light after Kusuma filed an FIR on July 8, naming Savitha and six accomplices. The Basaveshwaranagar police have arrested Savitha for defrauding over 20 women. She identified potential victims during morning walks and invited them to kitty parties where she pitched investment opportunities. To gain trust, she often mentioned influential political figures.

Legal Challenges and Similar Cases

This case is reminiscent of the ongoing Aishwarya Gowda cheating case in Bengaluru, involving similar fraudulent claims of political connections. Both cases face legal hurdles due to court-ordered stays on investigations, complicating efforts to bring the accused to justice. The police continue to navigate these challenges as they work to resolve the cases.