A 49-year-old Bengaluru woman, Savita G, along with her accomplice Puneet P, was arrested for allegedly cheating over Rs 30 crore from more than 20 women in her social circle through fraudulent schemes involving kitty parties, gold imports, and high-return investments.
Savita targeted affluent women via social media and social gatherings, promising to double their money through real estate, gold imports from abroad, and private tenders. Multiple FIRs have been filed, and both accused are in five-day police custody as investigations continue to uncover the full scale of the scam and recover the defrauded money.
Kitty Parties and Social Media: The Fronts for a Multi-Crore Fraud
Police officials revealed that Savita posed as a social worker, realtor, and gold trader with alleged political connections to gain trust among affluent women. She frequently hosted kitty parties at her home or upscale venues to pitch investment opportunities, claiming access to cheap foreign gold, lucrative real estate deals, and private TV tenders.
Puneet helped encash the funds, which were diverted into gold purchases and household goods, while Savita quietly ran a chit-fund business. The scam unraveled when investors began demanding returns after more than a year, leading to nearly 30 women filing complaints. “She reached out to women on social media, especially those with active social lives and disposable income,” said a police officer involved in the investigation.
Background: A Pattern of Deception and Growing Victim Count
Savita’s modus operandi involved befriending women during morning walks and social events, leveraging informal trust to secure large cash investments without legal documentation. Victims reportedly lost anywhere from Rs 50 lakh to Rs 2.5 crore each, with one woman, Kusuma, losing Rs 95 lakh over two years.
Despite an earlier FIR and bail, Savita continued her fraudulent activities. Police have noted similarities to other high-profile scams involving false political connections. Victims have reported threats and intimidation when attempting to recover money. Authorities are examining bank records and gold transactions to trace the full extent of the fraud, with more victims expected to come forward.
Expert Advice: Protecting Yourself From Investment Frauds
Financial experts generally advise individuals to verify all investment offers through proper documentation and thorough due diligence, particularly when approached in informal social settings such as kitty parties or via social media.
It is recommended to seek legal agreements, carefully check the credentials of the person and the business involved, and be cautious of investments that promise unusually high returns within a short period. Authorities also emphasise the importance of reporting any suspicious schemes early to help prevent further victimisation.
The Logical Indian’s Perspective
At The Logical Indian, we condemn the exploitation of trust and social bonds for financial gain, especially when it targets vulnerable individuals within close-knit communities. This case underscores the need for greater financial literacy, vigilance, and transparent communication within social groups to prevent such scams.
We urge authorities to strengthen regulatory oversight and encourage victims to speak out without fear. Building empathetic and informed communities is essential to safeguarding collective well-being.
