Man Arrested in Multi‑Crore Deposit Scam in Belagavi

Belagavi – In a development that has left many locals uneasy, police on Thursday arrested a 45‑year‑old businessman allegedly at the centre of a multi‑crore deposit scam. The man, whose name has not been officially released, is said to have lured investors with promises of high returns on short‑term deposits.

According to the Karnataka police, the fraud began sometime in early 2022. The accused reportedly collected more than ₹12 crore from over a hundred individuals, many of whom are small‑scale traders and retirees. “People trusted him because he presented himself as a legitimate entrepreneur,” said a victim who wished to remain anonymous. “He promised interest rates that were simply too good to be true.”

When the promised payouts failed to materialise, panic set in. Families rushed to his office, only to find doors locked and phone lines dead. The ensuing chaos prompted a formal complaint, leading to an FIR under sections of the Indian Penal Code dealing with cheating, criminal breach of trust, and criminal conspiracy.

Detectives traced the money trail to a network of shell companies and multiple bank accounts, some of which were opened under fictitious names. “We had to piece together a puzzle that spanned several states,” explained Sub‑Inspector R. Sharma of the Belagavi Crime Branch. “It was a classic case of a ‘deposit‑taking’ fraud, but the scale was staggering.”

The suspect was taken into custody after a brief chase near the outskirts of the city. He was produced before the magistrate, who denied bail citing the gravity of the offense and the likelihood of the accused tampering with evidence.

Authorities have urged other deposit‑taking entities to register with the Reserve Bank of India and to operate transparently. “People must verify the credentials of any institution promising unusually high returns,” warned the police spokesperson. “This incident is a stark reminder that financial prudence is essential.”

While the investigation is still underway, the police have promised swift action against any accomplices uncovered during the probe. Victims, meanwhile, are left hoping for restitution, though experts caution that recovery of such large sums can take months, if not years.

As the case unfolds, it serves as a cautionary tale for anyone tempted by get‑rich‑quick schemes. The hope is that heightened vigilance and stricter regulatory oversight will curb similar scams in the future.