Surathkal duo booked for Rs 10-crore deposit scheme fraud
A complaint filed by one investor states he completed his final payment in April 2025, but the organisers repeatedly delayed settlement. Police said the office was shut two months ago and calls from investors went unanswered. Investigators estimate that deposits exceeding ₹10 crore were collected without regulatory approval. The case has been booked under the Banning of Unregulated Deposit Schemes Act at Surathkal Police Station.
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Hans India
a day ago
- Hans India
Surathkal duo booked for Rs 10-crore deposit scheme fraud
Mangaluru: Two Katipalla residents have been accused of running an unlicensed deposit scheme that police believe defrauded more than 10,000 investors. The accused — identified as M. Mohammed Ashraf, proprietor of 'New India Royal Scheme', and his manager Haneef — allegedly promised investors a return of ₹12,000 on payments of ₹1,000 a month for 10 months, with the added lure of prizes such as cars, motorcycles, and gold jewellery. A complaint filed by one investor states he completed his final payment in April 2025, but the organisers repeatedly delayed settlement. Police said the office was shut two months ago and calls from investors went unanswered. Investigators estimate that deposits exceeding ₹10 crore were collected without regulatory approval. The case has been booked under the Banning of Unregulated Deposit Schemes Act at Surathkal Police Station.
Time of India
3 days ago
- Time of India
Two booked for duping people of Rs 10 crore
Mangaluru: Surathkal police booked the proprietor and manager of the New India Royal Scheme in Katipalla for allegedly running an unlicensed deposit scheme that duped over 10,000 people of more than Rs 10 crore through false promises of cash returns and lavish prizes. The complainant stated that the accused started a New India Royal Scheme in Katipalla village. After seeing a pamphlet of this scheme, the complainant visited the accused's office in July 2024 and spoke to a person named Haneef. The complainant was informed that if he participated in the scheme and paid Rs 1,000 per month for 10 months, then at the end of the scheme, he would be given Rs 12,000 in cash. In addition, there would be some attractive prizes, such as bumper prizes like cars, bikes, and gold rings. Tempted by these promises, the complainant joined the scheme and paid the first instalment of Rs 1,000 in cash. Later, each month, the complainant transferred Rs 1,000 via Google Pay to the QR code of the scheme, with the last instalment paid on April 21. It is alleged that the accused collected deposits from more than 10,000 members under this scheme, amounting to several crores of rupees, without obtaining any valid licence. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo When the scheme term ended, the complainant asked for the deposited amount or the promised prize, but the accused kept postponing, saying that the payments were "in process" and would be made soon. About two months ago, Mohammad Ashraf, the proprietor, and manager Haneef closed the office. This was an unregulated deposit scheme, and with fraudulent intent, the accused collected more than Rs 10 crore from the public in the name of the lucky scheme, it is alleged. Even after the scheme ended, they did not return the money or give the promised prizes. A case has been registered in Surathkal police station. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
26-07-2025
- Time of India
Online shopping scam: Kerala HC directs transfer of provisionally attached amount to interest-bearing treasury deposit
Kochi: High court has directed the competent authority under the BUDS Act to ensure that the provisionally attached amount, exceeding Rs 200 crore and lying in various bank accounts in connection with the scam-hit High Rich Online Shopee case, is transferred to an interest-bearing treasury deposit within two weeks. The bench of Justice P Gopinath issued the order on Monday in a petition filed by High Rich Online Shoppe Pvt Ltd and its directors, K D Dasan and his wife K S Sreena, challenging the actions taken under the Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act). The directive was issued after considering the fact that the amounts on deposit admittedly exceed Rs 200 crore, and that it would be in the interest of the depositors for the funds to earn interest rather than remain idle in current accounts across various banks. HC further directed that the details of the treasury deposit, including the applicable rate of interest, be duly intimated to it by the competent authority immediately after the transfer and deposit of the amount. Accordingly, the matter was adjourned to Aug 13. Previously, a crime had been registered at the Cherpu police station in Thrissur under the BUDS Act against the petitioners, based on a private complaint in a financial fraud case. The complainant alleged that High Rich was engaged in multi-level marketing, thereby conducting a money chain business. Similar cases were also registered against the petitioners at the Ernakulam, Sulthan Bathery and Kannur police stations. In 2023, the additional chief secretary (home), acting as the competent authority under the Act, provisionally attached the assets.
