Visakhapatnam Police. (Photo: X)
Visakhapatnam: Visakhapatnam city police have arrested Nadella Srinivasa Rao, a 52-year-old resident of Gajuwaka, for allegedly running a scheme that defrauded investors of approximately Rs 75 crore. The case came to light after a complaint was filed against Rao, accusing him of cheating over 360 people across multiple states. According to the complaint, the accused lured victims by promising high returns on unauthorised investment schemes. He claimed to be an online trader running an office in Vuda Colony and convinced people to invest in various deposit plans.
In January 2023, the complainant invested in two schemes, totaling Rs 1.5 lakh, receiving timely returns. After feeling reassured, he transferred Rs 10 lakh from his wife’s bank account to the accused account, hoping for further high returns. However, the returns soon stopped. The accused provided the victim a promissory note and a cheque as security for Rs 5 lakh and they turned out to be worthless.
The accused also operated a WhatsApp group named "NSR Traders Deal Shekhar" through which he attracted hundreds of investors from Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, Punjab and other states. The schemes offered by him promised substantial monthly profits, with one scheme offering a return of Rs 10,000 on an investment of `1 lakh over 30 days.
Following the complaint, the Visakhapatnam police registered a case under the Banning of Unregulated Deposit Schemes (BUDS) Act of 2019 and IPC Section 420 (cheating). The accused was apprehended and sent to judicial remand. The police said an investigation was ongoing and they were focusing on recovering the deposited amounts of the victims.
( Source : Deccan Chronicle )
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