An NRI couple residing in Pune fell victim to a cunning fraudster, losing a staggering Rs1.2 crore in a deceitful investment scam.
The couple, Antara Rakesh Talam and her husband, Rakesh Talam, a director at Virgin Mobile Company in the UK, initially engaged with the alleged fraudster, Ravi Jagannathan, during their 2014 home loan application with TSB Bank to purchase a house in the UK.
NRI Couple Scam Viral
The connection with Jagannathan, who purported to work in the loan department of TSB Bank, took a fraudulent turn when the couple met him in Mumbai, on August 6, 2023.
Exploiting the situation, Jagannathan pitched his company, SA Financial, flaunting an Rs800 crore turnover and enticing the couple with a tempting 25-30% interest on their investment.
To add an air of legitimacy, Jagannathan presented a SEBI Registered Investment Advisor certificate. Succumbing to the persuasive pitch, the couple invested Rs1.2 crore, following the accused’s instructions to transfer funds from their ICICI bank accounts to accounts in Federal Bank and Bandhan Bank.
However, the harsh reality unfolded when the couple discovered Jagannathan’s previous scam, resulting in a Rs3.5 crore fraud and subsequent imprisonment in 2022.
A deeper probe revealed that the financial institution mentioned by the fraudster had no record of any investment in the couple’s name. Promptly reporting the incident to the police, the deceived couple has triggered an ongoing investigation into this elaborate financial deception.
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