Hyderabad: Mother-son duo falls into fake investment trap, loses Rs 5.2 crore
Mother-son duo loses Rs 5.2 crore in fake investment trap
By Newsmeter Network
Hyderabad: Mother son borrow money from relatives, lose Rs 5.2 crore in fake investment scam
Hyderabad: A woman and her son lost Rs 5.2 crore after falling victim to an investment fraud.
A couple, who were known to the mother-son duo, promised high returns through real estate and IT sector investments. Falling into a trap, the couple borrowed money and invested in the fraudulent ventures.
Following their complaint, the City Central Crime Station (CCS) registered a case and initiated a detailed investigation.
Trust betrayed in the name of business
The accused, Y. Haritha alias Bindu, and her husband, M. Ramanandam, befriended the victims in 2023. Presenting themselves as experienced entrepreneurs, they convinced the woman, who resides in an apartment at Balkampet, and her son to invest in their business ventures with the promise of safe and lucrative returns.
Crores raised from Relatives and Friends
Trusting their words, the victims gradually mobilised funds by borrowing from friends, neighbours, and relatives. Between 2023 and September 2024, they handed over a total of Rs 5.2 crore in cash to the couple for investment.
Claims of investments in Chennai Projects
The accused initially told the victims that the money was being invested in real estate ventures and IT companies. Later, they claimed that the entire amount had been invested in real estate projects in Chennai, assuring that the returns would be substantial.
Evasive tactics and false assurances
Whenever the victims asked for documents or proof of investments, the accused allegedly postponed them repeatedly with vague promises. Months passed without any clarity on the status of the investments.
Fraud exposed in January 2025
In January this year, the victims realised they had been duped. They discovered that the funds had been diverted to other bank accounts, instead of being channelled into genuine investments as promised.
Threats when money was demanded
When the victims demanded their money back, the accused allegedly threatened them with dire consequences, leaving the family terrified and financially devastated.
CCS registers case, probe underway
Unable to bear the pressure any longer, the victims approached the City CCS, which registered a case against the accused couple.
Police have begun tracing the money trail, bank transfers, and possible links to other victims. Officials said further arrests and asset seizures may follow based on the outcome of the investigation.
