Hyderabad, June 16: A software professional allegedly cheated two former colleagues of Rs 3.56 crore by promising high investment returns in Hyderabad.
According to police, the victims invested large sums after being assured of monthly profits and additional annual returns. The case is under investigation by the Cyberabad Economic Offences Wing.
Police said C Venkata Reddy, a resident of Nizampet, became acquainted with Desu Sandesh while working at an IT company in 2020.
Investigators said Sandesh claimed he operated a company offering attractive investment opportunities with assured monthly income.
Believing the assurances, Venkata Reddy allegedly invested Rs 1.92 crore, including money raised through bank loans.
Police said Sandesh initially paid around Rs 3.5 lakh every month, which increased confidence in the investment plan.
Later, Venkata Reddy introduced his friend Subramanyam to the venture. Investigators said both invested a combined amount of Rs 3.56 crore after being promised monthly returns and an additional five percent annual gain.
According to police, payments continued for nearly five months and then stopped suddenly.
The suspect allegedly became unreachable and stopped responding to calls. The victims then approached the police after suspecting fraud.
Based on their complaint, Cyberabad EOW registered a case and began an investigation.
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