Kondapur techie held in Rs 6 crore fake investment scam; victims promised cheap gold

The accused is a native of Putur in Tirupati district

By Newsmeter Network  Published on  20 April 2024 12:02 PM GMT
Kondapur techie held in Rs 6 crore fake investment scam; victims promised cheap gold

Representational Image. 

Hyderabad: The Economic Offence Wing (EOW) PS of Cyberabad arrested a software employee for allegedly cheating 13 persons of Rs 6.12 crores by pretending to sell gold at a cheaper rate than market value. The accused promised large returns for investments made in gold.

The arrested has been identified as Ganta Sreedhar, (40 years), a resident of Masjid Banda near Kondapur, Serilingampally. He is a native of Putur in Tirupati district, Andhra Pradesh.

Modus operandi

On February 22, Sreedhar, an employee at OSI Digital Pvt Ltd, a software company in Madhapur, contacted a person informing them about a scheme on gold. He said that as per showroom prices, 100 to 200 gms of gold will be Rs 5,950 per gram and 300 to 500 gms will be Rs 5,850 per gram.

However, he said if the person is ready to pay by cash or to some other bank account he can get the same gold for Rs 5,850 per gram and Rs 5,750 per gram, respectively. He promised to deliver the gold within 25 days.

The police said that Sreedhar played the same scheme with his colleagues at work and many were planning to invest in his scheme. The complainant also said that he introduced Sreedhar to his friends and family and Sreedhar has been in regular touch with them.

The accused was held under sections 406, 420 IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999.

Public advisory

The Cyberabad EOW advises the public to report any suspicious real estate transactions or activities to the authorities. The department is committed to taking legal action against perpetrators and ensuring justice for the victims. This case serves as a stark reminder of the potential risks associated with real estate investments and the importance of due diligence.

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