Fake digital currency scam busted, 15 arrested for staging Rs 2 cr ‘robbery’

NT Correspondent

Bengaluru: In a dramatic twist to an alleged robbery case, the Vidyaranyapura police have arrested 15 people, including the original complainant, for staging a fake robbery to siphon off Rs 2 crore collected from a businessman under the pretext of converting his cash into digital currency.

The mastermind behind the fraud has been identified as Harsha, who, along with his associates Rakshit, Chandrashekar, Rakesh, Benjamin Harsha and others, lured an electrical trader from Chickpet with a promise to convert Rs 2 crore into digital currency and double it through RTGS (Real Time Gross Settlement) transfers.

Believing the plan, the trader handed over the cash to Harsha and his group on June 25. Later that day, when the cash was supposedly being handled near an MS Palya shop in Vidyaranyapura, a staged robbery took place according to a pre-planned script. Harsha then approached the police claiming that unknown assailants had robbed him of the entire amount.

However, when the police began investigating the socalled heist, inconsistencies in the statements and suspicious links between the complainant and other suspects emerged. A deeper probe revealed that Harsha himself had conspired with his own associates to fake the robbery, fooling the businessman as well as the police.

The police have now arrested all 15 people involved so far and seized Rs 1.11 crore in cash, four cars, four two-wheelers, two autorickshaws, eight mobile phones, and weapons used to stage the fake heist, including a machete and a long iron rod.

Officials said four more suspects are still on the run and efforts are underway to nab them. The case highlights how organised fraudsters are exploiting gullible businessmen by promising quick profits through digital currency schemes and fake fintech setups.