8 Arrested For Cheating 3600 People Of Rs. 300 Crores

Hyderabad, Nov 14 (Maxim News): The EOW Police of Cyberabad arrested (08) accused person, who collected deposits from innocent people in the name of the Buyback policy scheme & Double Gold scheme and after collecting huge amounts from the public by not paying interest amount as promised to them and also not repaying the invested amount the accused cheated the investors on the name of 12 Wealth Capital Service Pvt. Ltd., and other companies.

Click Here To Join Us On WhatsApp

The arrested accused, 1. Kalidindi Pavan Kumar, Business (MD of M/s. 12 Wealth Capital Services Pvt.Ltd.) and his associates, 2. Ravula Sathyanarayana, 3. Boddulu Harikrishna, 4. Valluru Bhasker Reddy, 5. Pagadala Ravi Kumar Reddy, 6. Kollati Jyothi, 7. Kuralla Mounika, and 8. Kurkula Lavanya and the case has been booked under Crime No. 85/2024 U/s 316 (2), 318 (4), 61 (2) BNS, Sec. 5 of the Telangana Protection of Depositors of Financial Establishments Act- 1999 of EOW PS, Cyberabad.

On the complaint of Nayani Harikanta of Kukatpalli Housing Board, Hyderabad the accused has introduced the Buy Back Open Plots Scheme for 25 months (8 lakhs and 8 thousand ) in which each customer has to buy a minimum of 2 Guntas of land for which customers has to pay Rs. 8.08 lakh including registration charges. For that, the company will give 4% profit to each customer every month which is Rs. 32,000 per month for 25 months. For that business associate gets a 1% commission which is Rs. 7200 per month for 25 months for joining the customers. Whereas under the Double Gold Scheme, the customer can invest upto Rs. 4 lakh as minimum investment and can invest a huge amount at maximum at a time, for which the company will give receipt of bond to the customer. After completion of the 12 months, in the end, they will give Rs. 8 lakh worth of Gold Biscuit which has a seal of Switzerland on it to the customers. Under the Gold Chits Scheme of 20 months plan, the customers can invest Rs. 5 lakh for which the management has promised to give Rs. 15,000 per month as 3% interest for 19 months. In the 20th month, by adding another Rs. 15,000 amount by customers, they promised to return the investment of Rs. 5 lakh to the customers. That means the customers get Rs. 8 lakh in total in the end. In this way, the accused has collected approximately Rs. 300 crores from 3600 members. The Cyberabad EOW Police hereby advise to people be aware of unauthorized layouts and not to become victims of fraudsters, and cheaters.

Click Here To Join Us On WhatsApp

The department is committed to prosecuting fraudsters, and cheaters and ensuring justice to victims.
The case is being investigated by S. Anjaneyulu, Inspector of Police, Economic Offences Wing Police Station, Cyberabad under the supervision of Sri. K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad. (Maxim News)

---

More Stories:

Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe.  Click to follow Indtoday’s Facebook page, Twitter and Instagram. For all the latest Hyderabad News update