Hyderabad: EOW Books Individual in Multi-Crore Investment Fraud Scandal
Hyderabad's Economic Offences Wing has registered a case against an individual for a ₹3.56 crore investment fraud. The accused allegedly lured victims with false promises of high returns. Meanwhile, police are investigating several other unrelated criminal cases reported across the city.
Highlights
- •Hyderabad EOW registers case against man for ₹3.56 crore investment fraud.
- •Accused lured victims into taking loans for fake high-return schemes.
- •Suspect vanished after initially paying EMIs to gain investor trust.
- •Police are investigating multiple unrelated incidents, including burglary and extortion cases.
Authorities in Hyderabad have officially launched an investigation into a massive investment fraud case. The Economic Offences Wing (EOW) of Cyberabad police has booked a local resident following allegations that he swindled investors out of more than ₹3.56 crore. The accused reportedly operated by promising guaranteed monthly returns and assistance with loan EMI repayments under the guise of an exclusive investment scheme.
According to the official complaint, the accused exploited long-standing personal and professional relationships built while working with victims at private firms in Hyderabad. By projecting himself as a seasoned expert in financial markets, he convinced multiple individuals to invest substantial capital. One victim was reportedly persuaded to secure various bank loans, with the funds funneled into the accused's personal accounts and entities identified as Manikanta Financial Services and Ishvara Online Services.
Details of the Investment Fraud Investigation
The financial deception involved systematic manipulation, with the primary complainant alone claiming a loss of ₹1.92 crore. Another investor was similarly lured into taking out loans from six different financial institutions. While the accused initially maintained the ruse by paying EMIs for several months—thereby fostering a false sense of security—he eventually ceased all payments and became completely untraceable. This investment fraud appears to be a calculated effort, as the FIR details how money was circulated through various third-party accounts to obscure the trail.
In a separate set of unrelated developments occurring in Hyderabad, local authorities are managing several other critical incidents. A man between the ages of 30 and 35 died by suicide at Secunderabad Railway Station early Wednesday morning, with investigations into his identity currently underway. Additionally, the Central Crime Station (CCS) has arrested K. Srilakshmi, a resident of Banjara Hills, for a separate ₹2 crore school admission fraud. She had allegedly collected significant funds from affluent families by promising seats in elite institutions before fleeing to Andhra Pradesh.
Other recent local incidents include a burglary at a residence in Himapuri Colony, Mansoorabad, where gold and cash were stolen while the owner was in the United States. Furthermore, the Amberpet police have apprehended five individuals posing as task force officers who were involved in the kidnapping and extortion of a businessman. Finally, tragedy struck in Moinabad, where 28-year-old Om Bahadur, a native of Nepal, drowned while bathing in Gandipet Cheruvu. Each of these cases is currently being processed by the respective police jurisdictions as they work toward resolution and justice.
