Hyderabad, August 24 (Maxim News): Central Crime Station (CCS) police arrested a 40 year old man for allegedly cheating investors by posing as a Deputy Superintendent of Police (DSP) from Tirupati district.
The accused allegedly promised huge returns through fake or undisclosed business ventures and collected Rs 1.20 crore from a complainant.
Police identified the accused as Konduru Reddy Venkat Raju, also known as KVP Raju and DSP Raju.
He hails from Rayachoti in Annamayya district of Andhra Pradesh. Police said he had remained absconding since 2021.
The case was registered as Crime No. 192/2021 under Sections 406, 420 and 170 read with Section 34 of the Indian Penal Code.
The Economic Offences Wing (EOW) Team V of CCS, Detective Department, Hyderabad, is investigating the case.
Fake DSP allegedly used police identity to gain trust
According to police, the accused allegedly operated with other persons and targeted victims in Telangana and Andhra Pradesh.
The group allegedly projected one person as a senior police officer to gain the confidence of investors.
The accused allegedly promised high returns within a short period. They also allegedly offered property documents as security and issued post dated cheques to convince victims about repayment.
However, the accused allegedly failed to repay the amounts after receiving the money.
Police said the accused then allegedly threatened victims by claiming to be encounter specialists.
In the present case, the accused allegedly induced the complainant to hand over Rs 1.20 crore. The money was allegedly collected on the promise of investment returns. The complainant did not receive the promised repayment, resulting in a financial loss.
Police said the accused also faces three similar criminal cases. These include Crime No. 09/2021 under Sections 419 and 420 read with Section 34 IPC of CCS, Tirupati, Andhra Pradesh.
Another case, Crime No. 46/2022, was registered under Sections 420, 468 and 471 read with Section 120(B) IPC at Tukaramgate Police Station in Hyderabad.
The third case, Crime No. 325/2022, was registered under Sections 420, 406, 468 and 170 read with Section 120(B) IPC at Vedayapalem Police Station in Nellore district, Andhra Pradesh.
The CCS EOW Team V arrested the accused during the investigation. Sub Inspector G Anil Kumar and his team carried out the arrest under the guidance of K Kiran, ACP, EOW Team V, CCS Detective Department, Hyderabad.
Police produced the arrested accused before the court. The court subsequently remanded him to judicial custody.
Police have advised the public to remain cautious about investment offers promising unusually high returns within a short period. They also urged people to verify the identity, credentials and legitimacy of individuals and companies before transferring money.
The case highlights the risks of trusting fake official identities and unsecured investment promises. Police have warned the public not to fall into similar fraud traps.
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