Hyderabad: CCS Arrests Woman in Multi-Crore Financial Cheating Case
Hyderabad's Central Crime Station has arrested K. Srilakshmi, who is accused of defrauding depositors of Rs 2 crore. The suspect had been evading police for a year after collecting money under false promises. Her husband remains a fugitive as the investigation continues.
Highlights
- •The Central Crime Station in Hyderabad arrested K. Srilakshmi for a Rs 2 crore fraud.
- •The accused had been on the run for a year after duping residents in Banjara Hills.
- •The couple collected money under false pretenses of high investment returns and personal needs.
- •While Srilakshmi is in judicial custody, authorities are still searching for her husband, Satyaprasad.
The Central Crime Station (CCS) in Hyderabad has successfully apprehended a woman accused of orchestrating a large-scale financial fraud, resulting in a cheating case involving approximately Rs 2 crore. The accused, identified as K. Srilakshmi, reportedly managed to evade law enforcement for an entire year before being taken into custody this Tuesday.
According to official reports from the police, K. Srilakshmi, who originally hails from the Guntur district, had been residing in a rented property situated at Nandi Nagar, Banjara Hills Road No. 14, alongside her husband, Satyaprasad. During their time in the area, the couple allegedly cultivated close relationships with their neighbors and landlord, establishing a false sense of trust within the community.
Details of the Multi-Crore Financial Fraud
Leveraging these personal connections, the couple reportedly initiated a sophisticated scheme. They initially solicited funds from nearby residents under the pretense of needing a loan for their daughter’s educational expenses. Subsequently, they expanded their activities by promising potential victims significant financial returns on their investments. Many unsuspecting residents in the Banjara Hills and Nandi Nagar localities fell prey to these lucrative promises, transferring substantial sums of money to the couple.
For a period, the suspects managed to delay the victims' suspicions by offering various excuses and assurances regarding the repayment of the funds. However, after successfully collecting an estimated Rs 2 crore, K. Srilakshmi and her husband suddenly halted their operations and fled the city, leaving their victims without their money or any recourse. This widespread cheating case prompted the affected individuals to file an official complaint at the Banjara Hills Police Station one year ago.
As the investigation progressed and the number of reported victims continued to rise, the case was transferred to the specialized Central Crime Station (CCS) for a more focused inquiry. Prioritizing the investigation, the CCS launched an extensive search operation. Their efforts ultimately resulted in the arrest of K. Srilakshmi. Upon being produced before the court this Tuesday, she was remanded to 14-day judicial custody. Meanwhile, the police are actively conducting a manhunt to locate her husband, Satyaprasad, who remains at large as authorities continue to build their case.
