Hyderabad: Bizman loses ₹5.7 Cr after investing in non-existent `Sriram Dev Baba Apple Agency’

Hyderabad: A Cyberabad-based businessman was cheated of ₹5.7 crore under the pretext of lucrative investment returns.

The Economic Offences Wing (EOW) of Cyberabad Police has registered a case following a complaint by the victim.

Investment promise turns into fraud

According to the complaint, Simhadri Sivanand, a businessman from Nizampet, was approached in 2021 by Mantri Balakrishna, a resident of Husseinabad in Yadadri Bhuvanagiri district.

Balakrishna reportedly claimed to be involved in multiple businesses, including fruit dealerships, and convinced Sivanand to invest in his ventures.

To gain trust, Balakrishna initially borrowed smaller amounts from Sivanand and repaid them promptly. This pattern built confidence and set the stage for a larger financial deal.

False claims of Apple agency investment

Balakrishna later told the victim that he was investing in `Sriram Dev Baba Apple Agency’ and promised monthly returns of 3 percent along with additional profits. He persuaded Sivanand to lend ₹5.7 crore, assuring timely repayment with interest.

Believing these claims, Sivanand transferred the amount. However, Balakrishna allegedly failed to honor the agreement and stopped responding to calls, eventually going absconding.

Family members suspected to be involved

The complainant further alleged that Balakrishna’s wife, Kavi, and his relative, Edapalli Ramesh, assisted in the fraud. It is suspected that the accused collected money from multiple individuals using the same apple business scheme.

Case registered by EOW

After realizing he had been cheated, Sivanand approached the Cyberabad EOW police, who have now registered a case and initiated an investigation into the matter.

Authorities are probing the extent of the fraud and the involvement of others in the alleged scam. Further investigation is underway to trace the accused and recover the defrauded amount, the EOW police said.