Couple Arrested For Cheating Investors Of Rs 23 Crore
- Hyderabad CCS police arrest couple in cheating case involving investors
- Investors allege company floated by Satish and Shilpa collected crores
The couple arrested by the Hyderabad CCS police on Saturday were accused of cheating several investors of large sums of money. Hyderabad officers confirmed that the couple, identified as Vuppalapati Satish Kumar and his wife Shilpa Banda, allegedly collected crores of rupees after promising high profits on investments. They reportedly ran the operation through a company they had created for this purpose.
According to the police, Satish and Shilpa lured people by offering huge returns on investments. A doctor from the city trusted their claims and put a large amount of money into the company. However, after receiving funds from the doctor and many others, the couple went into hiding. The police said this raised suspicion, and the victims later came forward to file complaints.
Officials stated that the couple floated several shell companies to divert the money collected from the public. They said the total amount cheated from investors reached Rs. 23 crores. Meanwhile, the complaints helped the special police team track their movements. The couple was later located in Karnataka, where the investigating team apprehended them.
The CCS police registered a case after the victims lodged formal complaints. Officers said they brought Satish and Shilpa back to Hyderabad for further investigation. They also said the probe will continue to identify how the money was moved through different companies. Police added that more victims may come forward as the case gains attention.
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