'Venus Enterprises' Swindles Indian Investors Out of at Least Rs 500 crore, 58-Year-Old Suspect Arrested

On Thursday, Indian police announced the arrest of Ramachandra Chari Akul, also known as Ramu Akul, 58, a suspect in the investment scam in Kalaburagi.

According to the police, the suspect had set up ‘Venus Enterprises’ at the Arcade Building through which he offered investment services to people. He promised his clients 15% - 20% returns by online trading.

Police received a report from the victim on May 23 and immediately launched an investigation. The investigation revealed that the suspect perpetrated three investment scams with at least 800 victims. Before the scams came to light, he had cheated at least Rs 5 crore from unsuspecting investors.

Ramu Akul is now in judicial custody. Meanwhile, police are tracing the funds and looking for other accomplices.

The Indian police have reminded the public that no one can get a 15 to 20 percent return on investment in a short period. People should exercise caution and avoid falling prey to such temptations.

Additionally, if individuals encounter promises of fund-doubling or aggressive promotions of investment schemes, they are strongly encouraged to report the matter to their local police station.

BrokersView reminds you

The financial market is full of investment scams that entice unsuspecting individuals with promises of unusually high returns, but it is almost impossible for normal online trading activities to deliver the rates of return promised by scammers, and there are no guaranteed profits.

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