Cyberabad Police bust gold investment fraud of Rs 6.12 crores

HYDERABAD: The Economic Offences Wing (EOW) Police Station of Cyberabad Police busted a fraudulent investment scheme involving gold for better returns and arrested the individual involved in the offence.

According to DCP EOW Cyberabad K Prasad, the arrested individual has been identified as Ganta Sreedhar, a software employee residing in Kondapur. Sreedhar, originally from Putur in the Tirupathi district of Andhra Pradesh, has been an employee at OSI Digital Pvt Ltd, a software company in Madhapur, for over 12 years. During this time, he developed a close relationship with his colleagues and their families.

On February 22, Sreedhar sent a message to a complainant regarding gold rates, stating that payments made to the shop's account would be Rs 5950 per gram for purchases of 100 to 200 grams, and Rs 5850 per gram for purchases of 300 to 500 grams. Payments made in cash or to other bank accounts would incur rates of Rs 5850 per gram for purchases of 100 to 200 grams, and Rs 5750 per gram for purchases of 300 to 500 grams. He promised delivery of the gold within 25 (+/-) 2 days. Sreedhar also enticed his colleagues at OSI Digital with his false proposals and promises, leading many of them to consider investing in gold for better returns.

The complainant was introduced to Sreedhar at a family gathering. Since then, Sreedhar maintained regular contact, gaining their trust by demonstrating his loyalty. He often discussed strategies for making money through investments in gold and real estate.

In total, Sreedhar defrauded 13 victims, amassing a total of Rs 6.12 crores.

The Cyberabad EOW urged 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," the DCP said.

The case is under investigation by ACP EOW PS B. Soma Narayana Singh, under the supervision of DCP K. Prasad.