Hyderabad: Investors Cheated with False Promises of 4% Monthly Returns
The Cyberabad EOW Police arrested eight people for cheating investors through fake buyback and double gold schemes.
Hyderabad: The Cyberabad EOW Police arrested eight people for cheating investors through fake buyback and double gold schemes.
The accused collected deposits under 12 Wealth Capital Services Pvt. Ltd. and other companies, promising high returns but failed to pay interest or return the invested amounts.
According to the Police, the arrested were booked under various Sections in Crime No. 85/2024, individuals include Kalidindi Pavan Kumar (MD of the company), Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika and Kurkula Lavanya.
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The Police stated that their modus operandi involved offering schemes like a 25- month Buyback Open Plots scheme with monthly returns of 4% and a Double Gold Scheme promising double returns in gold after a year.
They also ran a Gold Chits Scheme, misleading investors with false promises, ultimately defrauding approximately Rs 300 crore from 3,600 people. The Cyberabad EOW Police advised people to avoid unauthorized schemes to prevent fraud.
