Belagavi Police have arrested two men on the charge of running a ponzi scheme and duping customers to the tune of ₹25 crore.

Investigators arrested 21-year-old Subhod Honnappa Kooge of Jalalpur near Raibag in Belagavi district and 49-year-old government employee Pramod Fakirappa Halemani of Satti near Athani taluk in Belagavi district.

They were produced before court which remanded them in judicial custody.

They were running Sridevi Kooge Venture Private company and collecting crores of rupees from the public by luring them with high interest rates.

They did not obtain any licence from any regulating agency.

Complainant Praveen Chandrashekar Doddamani of Dharwad has said that these two men operated a ponzi scheme and duped countless people without obtaining necessary permission from RBI, SEBI and other authorities.

He also said that they failed to return the money or pay the promised interest.

During investigation, it was revealed that the accused collected a total of ₹25.79 crore in the form of investment from 254 people.

Sridevi Kooge Venture Private has been operating in Shivabasava Nagar of Belagavi for over a year. Investigation showed that they cheated depositors by not returning their money.

Further investigation is on.

The police have appealed to those cheated by this company or any other company to visit the Malmaruti Police Station or any nearest police station and submit a complaint with relevant documents and extend cooperation to the investigation.

Published - July 14, 2026 07:21 pm IST