A massive investment scam has come to light in Bengaluru, where a 49-year-old woman named Savita G., a resident of Kirloskar Colony in Basaveshwaranagar, has been arrested along with her accomplice Puneet P. from Sunakadakatte. The two are accused of cheating more than 20 women out of Rs 30 crore through fake investment schemes, most of which were introduced during social gatherings and kitty parties.

The arrest comes after one of the victims, Kusuma, filed a formal complaint on July 8, 2025, detailing how she had lost nearly Rs 95 lakh to Savita over two years. Kusuma, a widow, homemaker, and former school teacher, has known Savita for over three decades, and their financial dealings reportedly began in 2020.

Fraudulent Investment Promises and Gold Deals

According to the FIR, Savita presented herself as someone with strong links to influential political leaders, including the Chief Minister, Deputy CM, and Minister MB Patil. Leveraging this fabricated political proximity, she offered investment opportunities promising exceptionally high returns. Victims were lured with deals involving discounted gold purchases from Dubai, real estate ventures, and media projects such as “Udaya TV”.

In January 2024, Savita convinced Kusuma to invest in the so-called TV project, claiming it would yield double returns. After initially giving Kusuma Rs 32 lakh in cash, she allegedly redirected most of it to other individuals under her instructions.

Savita allegedly took advantage of informal trust, convincing many women to hand over large cash amounts without any legal paperwork. These transactions often took place at her home, where her mother Kamini and daughter Valmika were sometimes present during the handovers.

Key Accused and Modus Operandi

Apart from Puneet, others named in Kusuma’s complaint include Satish, Shridhar, Darshan, Lokesh, and Valmika. Kusuma said she made payments via both cash and digital methods like PhonePe, distributing funds in parts — Rs 2.25 lakh to Savita’s brother, nearly Rs 20 lakh in cash to her mother, and Rs 1.9 lakh to her daughter.

An investigating officer noted, “She would frequently boast about her access to cheap foreign gold, high-return property deals, and even private media tenders.” Savita allegedly built trust by befriending affluent women during morning walks and later inviting them to private social events where investment pitches were made.

The scam reportedly functioned like an informal chit fund, and the illusion started falling apart when returns were delayed and pressure from victims increased. Nearly 30 women have now come forward with complaints.

Legal Complications and Previous Arrest

Savita is not new to law enforcement. An earlier FIR was filed against her at the Govindarajanagar police station, but she was granted bail. Despite this, she continued to operate the same fraudulent schemes. In one of the earlier instances, a victim withdrew her complaint after Savita allegedly returned the money, allowing the case to be “settled.”

Police officials say this case bears similarities to the high-profile Aishwarya Gowda scam, which is currently under investigation by the Enforcement Directorate. Gowda, like Savita, allegedly misled people by claiming political connections — including with DK Suresh, the brother of Karnataka Deputy CM DK Shivakumar. Both cases face legal hurdles as court-ordered stays often delay investigation and prosecution. The FIR filed in Savita’s earlier case has also been reportedly stayed.

Threats and Intimidation

When Kusuma tried to retrieve her money in June 2025, she claims she was threatened. According to her complaint, Savita told her, “If you come near my house again, I will show you a ghost.” Kusuma’s efforts to recover the funds through repeated visits and calls reportedly yielded only Rs 2.97 lakh of the total Rs 95 lakh invested.

Public Image vs Reality

Savita allegedly maintained a convincing public image, presenting herself as a realtor, social worker, and gold trader. Her social media pages reportedly featured photographs with political leaders, film personalities, and other high-profile individuals — which police say helped her build credibility.

A senior officer involved in the investigation said, “No one anticipated that she had duped so many people. Her confidence and networking abilities deceived even cautious investors.”

Police investigations are ongoing, and further arrests or revelations may follow as more victims are identified and questioned.