Rs. 100 Crore Fraud: Two Arrested And Sent To Judicial Remand
Hyderabad, Sept 12 (Maxim News): Cyber Crime Police has busted an organized financial crime network. Two gharana swindlers who defrauded the company of around Rs. 1,000 crore in the name of artificial intelligence-based investments have been arrested and sent to judicial remand.
According to the police, Gaddam Venugopal from Prakasam district of AP and Shreyas paul from karnataka have jointly set up fake SEBI, NSE AND BSE registrations to attract investors. They used to organise seminars in premium offices and hotels to convince middle-class investors.
IT professionals and retired employees. They promised to provide 84 percent annual returns on investments. Under the guise of stock market prediction software and fictitious trading dashboards, they collected investments of more than Rs. 1,000 crore from more than 3,000 victims between 2022 and 2025.
The Money collected from investors was diverted to 21 different bank accounts. properties, luxury vehicles, and gold were purchased with the money. Several victims complained to the cybercrime police in this regard.
The police, who registered a case, arrested two accused, Gaddam Venugopal and Shreyas paul, with technical evidence. Police identified more than 20 agents, consultants, technical developers and website administrators in this network. (Maxim News)
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