Arrest of Techie for Investment Fraud
Hyderabad, April 21: The Cyberabad police arrested a techie for defrauding people in the name of investment into gold to the tune of Rs 6.12 crore.
The Economic Offences Wing (EOW) police station of Cyberabad busted the racket and arrested Ganta Sreedhar, a software employee hailing from Andhra Pradesh’s Tirupati district and residing in Hyderabad. The police booked the 40-year-old under Indian Penal Code (IPC) sections 406 and 420 IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act – 1999.
Deceptive Investment Scheme
According to police, the accused lured the victims with the offer of good returns on investment in gold. K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad, said the accused cheated 13 victims including colleagues at his office to the tune of Rs 6.12 crore. The victims were promised favorable rates for gold investment, leading them to invest significant amounts of money.
Unraveling the Fraud
Acting on a complaint by one of the victims, police were able to uncover the fraudulent scheme. The victim had been promised delivery of gold within a certain timeframe, but when it did not materialize, suspicions were raised.
Exploiting Trust
The police investigations revealed that the accused had taken advantage of his position and trust within the company to attract colleagues to the investment scheme. By cultivating relationships and gaining their trust over a period of time, the accused was able to deceive multiple individuals into investing in the fraudulent scheme.
The complainant who reported the fraud had initially met the accused at a family gathering, highlighting the personal connections that were leveraged in the scheme. Despite working at the company for over a decade, the accused managed to deceive his colleagues, demonstrating the lengths to which fraudsters may go to perpetrate their schemes.
(The content of this article is sourced from a news agency and has not been edited by the ap7am team.)
