BANGALORE: The sleuths of the special enquiry squad of the Central Crime Branch (CCB) have arrested five persons including a woman, for allegedly cheating people through money chain link system.The accused were running a fake business under name Symcon company that is located in Manjunatha Nagar in Basaveshwara Nagar police limits.The arrested persons have been identified as M K Ramesh (34), the managing director of the company, the directors Gill Roy (52), K R Suresh (28), M Paneer Selwam (39) and Shantamma (37), the founder distributor. They are accused of cheating around 16,000 people and collecting Rs 4 crore as membership fee.Incentive offersAccording to the police, the accused cheated public by offering various insurances. Reportedly, they attracted customers by offering mobile phones, wrist watches and other gifts if they introduced customers to the company.They also cheated the customers by seizing membership fee if they did not renew their membership within the said time, the police added.Valuables including three cars, 10 mobile phones, 45 wrist watches, computers, debit and credit cards worth Rs 15 lakh have been seized from the accused.Basaveshwarangar police have registered a case and are investigating in this connection.
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