Bengaluru conwoman dupes elite socialites of ₹20 crore through fake gold, real estate deals

A woman who carefully crafted a glamorous social persona to infiltrate affluent circles in Bengaluru has been arrested for allegedly masterminding a ₹20-crore scam that duped dozens of women through bogus gold and investment schemes.

Savita G, a 49-year-old resident of Kirloskar Colony, was arrested along with her alleged accomplice, Puneet P of Sunakadakatte, on July 10. Police say Savita preyed on wealthy women, leveraging kitty parties and social media to build trust before ensnaring them in fraudulent schemes that promised extraordinary returns.

A local court has remanded the duo to five days of police custody as investigators unravel what appears to be a meticulously planned scam. Two FIRs have already been filed against Savita at Govindaraja Nagar and Basaveshwaranagar police stations, but police believe the scale of the fraud could be far greater.

Gilded deception

According to investigators, Savita presented herself as a social worker, real estate consultant, and gold trader with high-level political connections. She shared photos with prominent politicians, including the chief minister and deputy chief minister, as well as film celebrities, to reinforce her credibility.

“Her strategy was clear—target women with active social lives and financial freedom. She promised to double their investments through gold imports, real estate deals, and private business ventures,” said a senior investigating officer.

Savita would host lavish kitty parties — sometimes at her home, sometimes at upscale venues — where she dazzled potential investors with tales of cheap imported gold, exclusive TV tenders, and property investments that could yield extraordinary profits. Victims, impressed by her confidence and supposed connections, willingly handed over large sums—some in cash, others through digital transfers.

Her partner, Puneet, is believed to have played a key role in moving the funds—allegedly using some of the money to buy gold and household goods while the rest was funnelled into what now appears to have been a shadow chit-fund operation in Basaveshwaranagar.

Cracks in the facade

The scheme began to unravel after more than a year when investors started demanding returns. As repayments stalled, suspicions grew. When Savita failed to deliver the promised payouts or interest rates, victims began to speak up. So far, nearly 30 women have lodged formal complaints with police.

One of the first cases was temporarily resolved after a victim reached a private settlement with Savita, unaware that many others had also been cheated. “We suspect that a well-known music director may also be involved. His role is being probed,” the officer added.

Police say Savita’s use of high-profile photos and social status helped her exploit trust in tightly-knit circles where financial fraud is often unanticipated. Now, what started as a glittering promise of easy wealth has exposed a sophisticated con operation run from Bengaluru’s posh neighborhoods — one that thrived on glamour, deceit, and silence.