Bengaluru fake bank racket busted: Investors cheated through dummy cooperative society

Accused posed as fund raisers of a private company, set up a fake cooperative bank, and cheated investors across metro cities by promising guaranteed profits.

A major financial fraud has come to light in Bengaluru, where a group of accused allegedly created a fake cooperative bank and cheated several investors by promising unusually high returns on investment. The case has now been registered with the Bengaluru CCB Cyber Crime Police, who have launched a detailed investigation.

According to the complaint, the accused, identified as Kabir Pasha and Jeet Singh, introduced themselves as fund raisers of CN IFFCO Private Limited. They claimed to be operating a cooperative society bank named Buddha International Credit Cooperative Society, which, according to police, had no valid registration or legal documents.

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The fraudsters allegedly told investors that if they invested large sums, they would receive assured monthly profits. They initially promised a return of 10 per cent on an investment of ₹1 crore, luring victims with the promise of quick and high earnings.

One of the victims, Rajesh Tubati, was persuaded to invest in the so-called Buddha International Credit Cooperative Society. The accused claimed that their society had branches across major metro cities in India and that numerous investors nationwide were already receiving attractive profits.

However, when the promised returns failed to reach his account, Rajesh began questioning the accused. He was repeatedly assured that the profits would be credited soon. After a few days, the accused allegedly switched off their mobile phones and disappeared, cutting off all contact.

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Following this, Rajesh filed a formal complaint at the Bengaluru CCB Cyber Crime Police Station. During the initial investigation, police discovered that many other investors across different cities had been cheated using the same fake bank model.

Police sources said the fraudsters used a fabricated cooperative society name to gain credibility and systematically targeted investors by promising high and guaranteed profits. A detailed probe is underway to trace the accused, identify the total amount involved, and uncover the full network behind the scam.