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The Bagalagunte Police Station have arrested a gang of three persons for allegedly running a money-doubling racket and cheating a businessman from Koppal by promising to double his investment.
According to the police, the complainant had met one of the accused in the Gandhinagar area about a year ago, and the two later developed a close acquaintance. The accused, who claimed to be involved in real estate, told the complainant that his associate urgently required ₹50 lakh and assured that the amount would be returned with double profits.
When the complainant expressed his inability to arrange the full amount, the accused allegedly collected ₹28.60 lakh from him. Soon after receiving the money, the suspects went incommunicado.
Based on the complaint, a case was registered and an investigation was launched. The police tracked down and arrested the three accused near Junjappa Temple.
During interrogation, the accused confessed to cheating the complainant. Further investigation revealed that they had similarly duped another victim of ₹18.50 lakh.
Police said the accused had spent a portion of the money and distributed the remaining amount among their associates, claiming they would retrieve it later. Acting on the information, police recovered ₹40 lakh and seized a car used in the offence.
The accused were produced before a court and remanded to judicial custody. Further investigation is underway.
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