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Malpe, February 28, 2026: A massive financial fraud involving ₹2,11,18,100 has been reported in Malpe, where an NRI based in Singapore was allegedly cheated by his close friend and associates under the pretext of real estate investment. Following a private complaint filed in court, the Malpe Police have registered an FIR against Praveen Deshbhag, Prashanth L. Saneel, and the Branch Manager of Bank of Baroda.

The complainant, Deepak, a resident of Kidiyoor, had known Praveen since 2000. During the COVID-19 pandemic in 2020, Praveen and Prashanth convinced Deepak to invest in land across Udupi and Karkala, promising high returns through partnership. Trusting them, Deepak transferred a total of ₹2.11 crore in several installments between September 2020 and February 2025.

However, the accused neither registered the land in Deepak’s name nor returned the invested amount. Furthermore, it is alleged that the Branch Manager of Bank of Baroda conspired with the other two accused to open a bank account using Deepak’s forged signature. Realizing the betrayal, Deepak approached the court. The Malpe Police have now booked the trio under various sections of the BNS 2023, including sections 316,318(2),318(3),318(4),320,336,338,339,333,351,319 and 61, along with Section 46 of the Banking Regulation Act.

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