Investors Lose Rs 6 Crore in SLV Mahila Mart Franchise Scam in Tumakuru

Tumakuru police have revealed that investors have lost at least Rs 6 crore in an alleged financial scam involving SLV Mahila Mart. The franchise, which operated as a women-led retail supermarket, reportedly targeted residents in Tumakuru and surrounding areas by offering attractive work-from-home options and high investment returns.

According to law enforcement officials, the firm collected investments from more than 100 victims in the Tumakuru region. The business model of SLV Mahila Mart combined a retail supermarket franchise with a work-from-home packing business, which attracted a large number of local depositors looking for steady income.

A senior investigating officer stated that the firm offered a monthly return of Rs 26,000 for every Rs 1 lakh deposited by the investors. This high-yield promise, along with the convenience of the work-from-home packing facility, prompted many individuals to invest their savings. Additionally, several victims convinced their own friends and relatives to also invest in the franchise, compounding the total losses.

As of Tuesday, 48 victims in Tumakuru had formally filed complaints with the police. The authorities are currently investigating these complaints to trace the defrauded money and identify those responsible for the operation of the supermarket franchise.

The scale of the alleged scam extends beyond Tumakuru. Hundreds of other victims from Haveri, located in North Karnataka, have filed similar police complaints against SLV Mahila Mart and its office-bearers. In these complaints, the victims accused the firm of duping them of both their initial investment money and the promised commissions.

Based on the complaints received in North Karnataka, the Haveri police have estimated the size of the racket in their region to be between Rs 6 crore and Rs 8 crore. Combined with the losses in Tumakuru, the total amount defrauded by the firm across these regions is estimated to be over Rs 12 crore.