Former Indian cricketer claims he has been cheated of ₹6 crore

Former Indian cricketer Rahul Dravid on Saturday filed a complaint with the police saying he had been cheated of ₹6 crore by Bengaluru-based wealth management firm Vikram Investments. Though there have been unconfirmed reports that several well-known sports personalities, who trusted their money with the firm, had been duped, Dravid is the first to lodge a complaint.

One of the wealth managers, Sutram Suresh, currently in judicial custody, was a former sports journalist.

In his complaint to the Sadashiva Nagar police, Dravid said that he had invested the money in 2014 after being assured by the firm’s wealth management team of huge returns. “He had neither received the promised returns nor the principal amount. Dravid has submitted the relevant documents,” said a senior police officer.

The Sadashiva Nagar police are transferring the case to the Banashankari police for further investigation.

The police are still unravelling the extent of the fraud. To date, they have received 250 complaints from investors who have been cumulatively cheated of more than ₹350 crore.

Five people have been arrested so far, including Vikram Investments managing director Raghavendra Srinath.

“With the increase in the number of complaints and considering the inter-State ramifications , the case is likely to be referred to the Criminal Investigations Department,” a senior police officer said.

Investigations, so far, have revealed that a little over 1,800 people trusted Vikram Investments with their money when it opened for business in 2008. Investment amounts range from ₹1 lakh to several crores.

According to another senior police officer, the firm had obtained a licence for stock trading in 2008, but did not renew it.

In the initial months, Srinath allegedly gave early investors huge returns. As word spread, more people started turning to Vikram Investments. But later investors, like Dravid, were unable to get their principal amount let alone the promised returns.

“Despite freezing 12 accounts and searching the firm’s Chennai office and seizing two cars, we are yet to find all the money. We believe that Srinath invested it in real estate in Malaysia, and probably other countries,” the officer added.

A local court on Saturday remanded four of the accused — Narasimha Murthy, Prahlad, K.C. Nagaraj and Sutram Suresh — in judicial custody till March 28. Srinath is in police custody. Teams are trying to trace his wife Sunitha Acharya, who is also a director in the firm and has been on the run since the fraud came to light.

Doctor invested at urging of Sutram Suresh

Balaji R., a doctor residing on 5th main, Sadashiva Nagar, filed a complaint with the police saying he had been cheated of ₹27 lakh. In his complaint, Dr. Balaji said that Sutram Suresh, who was his LIC agent, advised him to invest in Vikram to get higher returns. He did so in January 2017 with Srinath assuring him of returns as high as ₹20 lakh in January 2018. That has not materialised.

The Sadashiva Nagar police had registered a case of criminal breach of trust and cheating against Srinath and Sutram Suresh on Tuesday.