- Apple trading fraud targets Hyderabad businessman investment
- Cyberabad EOW probes Rs 5.7 crore apple trading scam
Hyderabad, March 30: An alleged apple trading fraud has left a city businessman cheated of Rs 5.7 crore. The accused reportedly lured the victim with promises of high returns from an apple trading business.
The complainant, Simhadri Shivanand from Nizampet, said the incident began in 2021. He was approached by Mantri Balakrishna, a native of Hussainabad in Yadadri Bhuvanagiri district. Initially, Balakrishna built trust. He borrowed small amounts and repaid them regularly. Therefore, the victim gained confidence in him.
Later, Balakrishna claimed he was investing in an apple dealership linked to a trading agency. He promised monthly returns of 3 percent along with a share of profits. Believing these claims, Shivanand invested Rs 5.7 crore. However, the returns never came as promised.
Meanwhile, Balakrishna allegedly failed to repay the invested amount. He then stopped responding to calls. Later, he went absconding, leaving the complainant without any contact. The victim also alleged that Balakrishna’s wife, Kavi, and his relative, E Ramesh, were involved in the fraud.
Following the complaint, the Cyberabad Economic Offences Wing registered a case. The police have now started an investigation into the matter. Further details are awaited as the probe continues.
The case highlights how trust-building tactics can lead to large financial losses. It also underlines the risks linked to informal investment deals. Authorities are now examining the roles of all accused persons in the alleged scam.
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