February 10, Colombo (LNW): In a major scam uncovered in Bengaluru, the Basaveshwara Nagar police have arrested Ramakrishna Rao, a man accused of defrauding a local businessman out of Rs 25 crore under the guise of a lucrative casino investment opportunity in Sri Lanka.
The accused, a resident of Banashankari, is the father of Rahul Thonse, who had previously been implicated in a notorious sandalwood drug case.
Ramakrishna Rao, identified as the primary suspect in the First Information Report (FIR), was taken into custody by the police, while his son Rahul remains at large.
Authorities suspect Rahul may have fled to Sri Lanka, where he is believed to be hiding.
The investigation has also brought in Rao’s wife, Rajeshwari, their daughter Raksha Thonse, and son-in-law Chetan Narayan, who are all named as co-accused in the case.
The charges against them include criminal breach of trust and cheating, with violations of the Banning of Unregulated Deposit Schemes Act also being applied.
The scam began in February 2023, according to the complaint filed by Vivek P Hegde, a businessman and resident of Basaveshwara Nagar. Hegde claims that he was manipulated into investing Rs 25.5 crore in a fictitious casino venture.
The accused allegedly convinced Hegde and his business associates that Raksha and Chetan owned casino tables at a prestigious location in Colombo, Sri Lanka, with Rahul overseeing operations.
During an initial meeting on 7th February 2023, Ramakrishna Rao reportedly provided details about the business opportunity, further adding to the allure of the scheme.
Hegde, following several discussions with Chetan, transferred Rs 30 lakh to Rahul on 18th March 2023 as part of the supposed investment.
However, it soon became apparent that no such casino business existed, and the funds had been misappropriated.
The police are continuing their investigation, with the authorities focusing on tracking down Rahul and the remaining suspects involved in the fraudulent scheme. Investigators believe that this elaborate scam involved meticulous planning, as the accused worked together to create a network of deceit aimed at exploiting the victim’s trust and financial resources.
