Date:05/05/2007 URL: http://www.thehindu.com/2007/05/05/stories/2007050521310500.htm

Karnataka - Bangalore

Three held on charges of cheating

Staff Reporter

70 NRIs were reportedly duped

BANGALORE: The Central Crime Branch police on Friday arrested three persons who allegedly cheated 70 Non-Resident Indians (NRIs) of more than Rs. 8 crore by promising them ownership and profits of service apartments in Bangalore.

According to a press release, a group comprising P. Muniyappa (44), Shibin Joseph (31), both residents of Horamavu in Agara, and Jacob Mathews (47) of Marutisevanagar and led by Joseph Chacko (48) of Kerala advertised in some newspapers in the Gulf that they were constructing service apartments in Bangalore. People who invested in the project would not only get ownership of the apartments but also other profits, the advertisement reportedly said. Lured by the advertisements, more than 70 NRIs invested Rs. 10 lakh each in the project and the accused persons used the money to construct Crown Plaza International at Hennur. But the ownership was not transferred to the investors as promised.

Deputy Commissioner of Police (Crime) B.R. Ravikante Gowda told The Hindu that the investors complained to the Indian Embassy in Qatar, who forwarded the complaint to Chief Minister H.D. Kumaraswamy. On directions from the Chief Minister, the case was investigated and three persons were arrested, Mr. Gowda said.

The main accused Joseph Chacko is absconding, and police are on the lookout for him, he added.