Pune: Fake Bank Employee Dupes NRI Couple Of ₹1.2 Cr In Investment Scam After Promising Lucrative Returns

Pune: Fake Bank Employee Dupes NRI Couple Of ₹1.2 Cr In Investment Scam After Promising Lucrative Returns

Fraudster even provided a SEBI Registered Investment Advisor certificate.

Megha KuchikUpdated: Sunday, January 14, 2024, 11:08 PM IST
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Pune: Fake Bank Employee Dupes NRI Couple Of ₹1.2 Cr In Investment Scam After Promising Lucrative Returns | Pixabay

An NRI couple, residing in Pune, was duped of Rs1.2 crore by a fraudster who induced them to invest in his company. Antara Rakesh Talam, a homemaker originally from Banaras, and her husband Rakesh Talam, a director of Virgin Mobile Company in the UK, sought a home loan from TSB Bank in 2014 to purchase a house in the UK.

Details of scam

Their connection with Ravi Jagannathan, an Indian resident who claimed to work in the loan department of TSB Bank, began during this loan process. Later, when the couple were in Pune for Antara’s treatment, they met Ravi at Agarwal Tower, Di Monty Lane, Malad West, Mumbai, on August 6, 2023. During this meeting, Ravi pitched his company, SA Financial, boasting an Rs800 crore turnover and offering the couple a lucrative 25-30% interest on their investment.

He provided a SEBI Registered Investment Advisor certificate. The couple invested Rs1.2 crore, transferring funds from their ICICI bank accounts to accounts in Federal Bank and Bandhan Bank, as instructed by the accused.

Case registered; Further investigation underway

Later, the couple found out that Ravi had duped another foreigner of Rs3.5 crore in 2022, leading to his imprisonment. Further investigation exposed that the financial institution mentioned by Ravi had no record of any investment in the couple’s name. The deceived couple promptly reported the incident to the police, and an investigation is underway.

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