The scammer who cheated on 2,000 detained people – the New Indian Express
BENGALURU: Notorious con artist – who offered huge returns to investors claiming he would invest their money in cryptocurrency, but in turn deceived more than 2,000 people – has been arrested by wing detectives of the economic offenses of the CCB.
The accused has been identified as Ranganath DS (39) from Chikkamagaluru. He is a class 7 dropout who worked for several years as an office assistant in a private finance company before starting his own business.
Police said the accused set up a digitechmark.live website and ran an unregistered financial company with no office. He allegedly hired agents to promote his business on social media and held online meetings with potential investors to attract them, posing as the director of the company.
âIt was a multilevel online marketing Ponzi scheme. The modus operandi was similar to that of fraudulent companies that claim to offer huge returns and provide additional benefits to investors, if they bring in other investors. The only difference was that Ranganath ran the same way without personally meeting people and claiming that he would invest their money in Tron coins (cryptocurrency), claiming he was the fastest growing, âsaid declared an official.
The accused allegedly offered Rs 1 lakh and Rs 25 lakh in December 2021 and January 2025, respectively, for an investment of Rs 15,000, while Rs 7 lakh and Rs 3 crore were offered for an investment of Rs 1 lakh.