Tilakwadi, Belagavi police have arrested one of the accused in connection with an alleged multi-crore investment fraud involving APPEXX Bizcorp LLP, a trading company accused of collecting around ₹160 crore from more than 3,000 people.
According to the complaint filed by Ashok Veerupakshi Bisaguppi, 43, of Kaujalagi village in Gokak taluk, APPEXX Bizcorp LLP was operating from the first floor of Renuka Niwas Apartment in Tilakwadi.
The company allegedly collected money from the public by promising high returns and invested the funds in the stock market, real estate and other immovable properties. The complaint alleges that the funds were subsequently misappropriated, resulting in losses to investors.
Based on the complaint, Tilakwadi police registered a case under the relevant provisions of the BDS Act, IPC and the Bharatiya Nyaya Sanhita (BNS), 2023.
As part of the investigation, police arrested Accused No. 6, Arjun Mahadev Waghmare, 36, a resident of Chikkodi. He was produced before the competent court in Bengaluru.
The arrest was carried out by a team led by the Tilakwadi Police Station Inspector under the direction of senior police officials.
Police said the investigation into the other accused and the alleged financial transactions is continuing.
