Udipi Man Held for Duping City Women of Rs.4.9 Crore in Trading Fraud

Hyderabad: The CCS economics offence wing (EOW-II) team arrested a man from Udipi, Karnataka, for cheating three city-based women in investment fraud by collecting `4.9 crore from them.

The accused identified as Rajesh Madivala, a resident of Habsiguda and a native of Udupi, Karnataka, is at large from April last year, the police said.

Police said one of the victims S. Sindhuja mentioned in her complaint that she invested Rs.4.9 crore on separate occasions from December 2023 till March this year in Rajesh’s company and after collecting the money he went absconding.

“Rajesh lured Sindhuja and two others of getting good profits on their investments through his companies named Deeksha Traders and Prahanesha Traders dealing in trading commodity business,” ACP EOW–II (CCS) Kiran Kumar said.

Explaining about the modus operandi, the ACP said that on receipt of money from the victim, Rajesh executed an agreement to return the amount with profit within five months or 20 equal installments and also issued cheques as surety towards the amount that he had taken but he failed and went absconding.

The CCS teams traced and arrested Rajesh from his house at Udupi in Karnataka and brought to Hyderabad on Sunday and produced him before the magistrate. Police are further probing into the case and making efforts to find whether Rajesh was involved in similar cheating cases.

Police are also examining other victims who are cheated by Rajesh and the details of accounts being operated by him and diversion of funds after collecting from the victims and are also investigating whether other persons associated with the accused, Kiran added.

“We have a booked case under section 406 and 420 of the IPC and section 5 of TSPDFE Act against him before producing him to the court,” the ACP said.