Hyderabad cybercrime cops arrest duo for Rs 23-crore investment fraud

Hyderabad: The Hyderabad Central Crime Station (CCS) police have arrested two alleged white-collar offenders accused of cheating multiple investors to the tune of Rs 23 crore.

The accused, identified as Vuppalapati Satish Kumar and Shilpa Banda, also known as Vuppalapati Shilpa Rao, were brought to Hyderabad on Saturday following their arrest in Dharwad, Karnataka.

Complaint triggered investigation

The case began after a complaint filed on September 18 by Dr P Vinay Kumar, a 67-year-old doctor residing in Mamidipalli village of Ranga Reddy district. In his complaint, he alleged that the accused convinced him, his family and others to invest in their firm with the promise of high returns.

Police said the accused initially paid small amounts to create an impression of legitimate returns before abruptly halting payments. They allegedly siphoned investor funds by circulating them across multiple shell companies.

Accused on the run since case registration

Following registration of the case as Crime No. 120/2025, the accused reportedly absconded and did not cooperate with investigators. Officials said they repeatedly evaded surveillance and arrest attempts.

After receiving credible intelligence, CCS teams, along with Task Force personnel, located and apprehended the duo in Dharwad on 20 November 2025. Officials described the arrest as ‘high drama,’ given the accused’s persistent attempts to conceal their whereabouts.

History of financial crime cases

Police confirmed that both Satish Kumar and Shilpa Rao are not first-time offenders. They have previously been named in cases investigated by the CBI, Enforcement Directorate and GST authorities, highlighting their continued involvement in financial crimes.

The accused were transported to Hyderabad on a transit warrant and produced before a local court on November 22 for judicial remand.