The Belagavi District Police have arrested a gang of seven members on the charge of running a money doubling racket.
The names of the arrested people were given as: Deepa Awatagi, Shivananda Mathapathy, Appaiah Pujari, Sunil Vibhuti, Sachin Kumar Ambli, Bharatesh Agasara and Sashikumar Dodnnavar.
A car and some cash have been seized from them.
They are said to have collected ₹25 lakh from Siddana Gouda, a Gokak-based trader. They convinced him that a woman member of the gang can double his money using her influence at a private bank.
The gullible trader handed over the money in a private hotel near the city. Other gang members, posing as police officers, conducted a so-called raid on the hotel and seized the money.
The trader then decided to file a complaint with the police. And, a team of police officers caught the gang while posing as potential customers.
Superintendent of Police Bheema Shankar Guled has congratulated the team.
