Software Employee Arrested for Gold Investment Fraud
By : Geeta Valaboju
Update: 2024-04-20 15:47 GMT
Hyderabad: The Cyberabad Economic Offences Wing (EOW) police have arrested Ganta Sreedhar, a 40-year-old software employee, for allegedly luring people with promises of lucrative gold investments. He had cheated 13 persons of Rs 6.12 crore, stated EOW ACP B. Soma Narayana Singh.
According to the police, he collected the money after offering high return on their investments, but failed to repay the money.
EOW DCP K. Prasad said Sreedhar would initiate contact with potential victims, often personal acquaintances or persons he met at social gatherings and discuss the benefits of investing in gold with them. "Sreedhar exploited his position as a trusted colleague to gain the confidence of his targets,” Prasad said.
Many of the victims, who were colleagues at his workplace, prey to Sreedhar's claims. “We urge the public to remain vigilant and exercise caution when approached with investment opportunities," added Prasad.