Police sources say 35 victims have come forward to report their losses. File
| Photo Credit: The Hindu
A man accused of duping around 200 individuals of ₹14 crore in large-scale investment fraud was arrested by the Economic Offences Wing (EOW) of Cyberabad police on Tuesday (March 4, 2025).
The accused was identified as Kandula Srinivasa Rao, a 44-year-old resident of Eluru, West Godavari district of Andhra Pradesh. Mr. Rao, who operated a firm under the name of M/s Well Vision Group of Companies, lured investors with promises of high returns on their deposits. The company, based in KPHB Colony offered attractive financial schemes, convincing victims to invest their money in return for guaranteed monthly or daily payouts.
According to the police, the accused devised multiple fraudulent schemes to deceive investors.
One of the schemes promised that a deposit of ₹1 lakh would yield a return of ₹2,000 per day for 100 working days, totalling ₹2 lakh, with the company deducting a 10% service charge for each transaction. Another scheme assured investors that the same deposit amount would provide a monthly return of ₹20,000 for ten months, again amounting to ₹2 lakh, with a similar deduction. A third scheme offered land as collateral, promising to refund the entire investment amount in 20 instalments, while a fourth scheme involved purchasing home appliances, with the company allegedly returning the entire purchase amount over 20 months.
The investments ranged from ₹10,000 to ₹50 lakh, with investors receiving Memorandums of Understanding (MoUs), lease deeds, and post-dated cheques as security. Initially, the company honoured payouts for a few months to maintain credibility, but after amassing substantial funds, it ceased payments and abruptly shut down operations, leaving investors high and dry.
Following complaints from victims, including the primary complainant A. Jhansi, the EOW police registered a case under the charges of cheating and criminal breach of trust with criminal conspiracy as well as Section 5 of the Telangana Protection of Depositors of Financial Establishment Act, 1999.
According to police sources, 35 victims have come forward to report their losses. Investigations are underway to determine the full extent of the scam and identify any accomplices.
Published – March 05, 2025 04:45 am IST
