Mysuru: City’s 1st Additional CJM Court has sentenced a man to one year of rigorous imprisonment and ordered him to pay compensation of Rs. 20,75,000 to the victims after finding him guilty of collecting lakhs of rupees by promising to pay 10 percent interest and cheating them.
Former resident of Mysuru, 68-year-old Balachandra Subbahegde, presently residing in Bengaluru, has been convicted for cheating Veena and Krishnananda, a couple from Bengaluru.
Veena and Krishnananda had approached Balachandra to get their family problems solved and seek a solution for constructing a house. Balachandra told them to perform certain pujas, following which the couple followed his instructions. He later told them to invest money with him, which would help them get money to construct the house.
Believing him, the couple initially invested Rs. 50,000 in 2015. He then told them to invest more money so that they would get 10 percent interest and got Rs. 30 lakh invested from them.
However, he neither paid the promised interest nor returned the invested amount. He told the couple that he had invested the money elsewhere and had purchased land and told them that he would return double the amount they had invested. He then got them to invest another Rs. 20 lakh, thereby cheating them.
Veena and Krishnananda lodged a complaint against Balachandra with Lakshmipuram Police. Judge V. Prakash, who heard the case on Aug. 11, found Balachandra guilty. Senior Assistant Public Prosecutor K. Prakash argued for the State.
This post was published on August 14, 2026 7:30 pm