The accused reportedly issued four cheques towards payment of the sale consideration, but all cheques bounced.
The Bengaluru police have booked three people, including two directors of a private company and a real estate agent, for allegedly cheating a 61-year-old man of ₹17.5 crore in a real estate transaction.
The accused have been identified as Sneha Rakesh and Rajath Venkatesh, directors of Akarmaxs Tech Pvt. Ltd., and the agent Robin Francis. The case pertains to a property measuring about 16,990 sq. ft. in Banashankari 2nd Stage in south Bengaluru.
According to the FIR, the complainant sold the property to the directors through Francis and executed a registered sale deed on November 23, 2022, at the Shantinagar sub-registrar’s office, reflecting a transaction value of ₹17.5 crore.
The accused reportedly issued four cheques towards payment of the sale consideration. However, all cheques bounced owing to discrepancies in signatures when the complainant presented them for encashment. Despite repeated follow-ups, the accused allegedly failed to make the payment and continued to give assurances, citing various reasons.
The complainant has further alleged that the accused benefited from the property while deliberately withholding the agreed amount. When he demanded payment, the accused allegedly resorted to threats, according to the FIR.
This allegedly prompted the complainant to approach the police. Based on the complaint, the Banashankari police filed an FIR under IPC Sections 406 (criminal breach of trust), 420 (cheating and dishonestly inducing the delivery of property or valuable security), 506 (criminal intimidation), and 120B (criminal conspiracy).
An investigator in the case told The Hindu that they have sought more information from the complainant, but he hasn’t responded. Usually, economic offence cases involving more than ₹10 crore are transferred to the Criminal Investigation Department (CID). However, this case is still with the city police.
Published – December 14, 2025 09:13 pm IST
