They had promised investors 2.5% monthly interest on investments: CCB

Case registered under section 420 of IPC

If customers brought in more people, they got commission: CCB

Two individuals from the Konanakunte region of Bengaluru, 32-year-old Pradeep Kumar and 52-year-old Vasanth Kumar have been apprehended by the Central Crime Branch (CCB) over allegations of fraud through an investment firm named “Pramya International”. “They had promised investors 2.5% monthly interest on investments. They had claimed the fixed deposits would quadruple in five years. Trusting them, local residents and others had invested at least Rs 25 crore. If customers brought in more people, they got commission as a percentage of the invested sum based on the plans chosen by the new investors,” an investigating officer stated. 

A case has been registered against them under the Banning of Unregulated Deposit Schemes Act-2019 and Section 420 of the Indian Penal Code. “The investigations are ongoing to ascertain the actual number of victims. We urge people who have been scammed by Pramya International to approach the CCB. We will make all efforts to get their money back. Those raising their voice or threatening to file a police complaint would also be paid some money and be requested to wait for some time for the remaining amount. The names and other details of 700 investors were found on the computer that we seized from the accused. They have invested the money elsewhere. We managed to recover Rs 7 lakh and office materials, including computers,” the officer added.