Archive · 14 Aug 2025
Mangaluru Duo Booked for Rs 10-Crore Deposit Scheme Fraud
Two people in a place called Katipalla are in trouble with the law.
They ran a program called 'New India Royal Scheme' where they took money from people.
They promised to give people back more money than they put in, like winning a prize.
People paid money every month, but when they were supposed to get their money back, they didn't.
The people running the scheme closed their office and didn't answer the phone.
Police think they cheated over 10,000 people out of more than 10 crore rupees.
Two individuals in Katipalla are accused of running an illegal deposit scheme.
The scheme, operated under the name 'New India Royal Scheme', promised high returns.
Investors were offered ₹12,000 returns for ₹1,000 monthly payments over 10 months.
The scheme offered prizes like cars and gold to attract investors.
The organizers shut down the office and stopped responding to investors' calls.
- Who
- M. Mohammed Ashraf and Haneef.
- What
- An unlicensed deposit scheme that defrauded investors.
- When
- Investors completed final payments in April 2025, but the organizers delayed settlement.
- Where
- Surathkal, and Katipalla, Mangaluru.
- Why
- To illegally collect deposits without regulatory approval.
- Scheme Name
- New India Royal Scheme
- Accused
- M. Mohammed Ashraf and Haneef
- Location
- Katipalla, Mangaluru
- Alleged Fraud Amount
- ₹10 crore+
- Investment Terms
- ₹1,000/month for 10 months, return ₹12,000