Hussainabad Man Dupes Trader of ₹5.7 Crore
HYDERABAD: A city-based trader was allegedly cheated of ₹5.7 crore by a man who promised high returns through investments in an apple business.
The case has been registered at the Economic Offences Wing (EOW) of Cyberabad police.
Simhadri Sivanand, a trader from Nizampet, said he met Mantri Balakrishna from Hussainabad in Yadadri Bhuvanagiri district in 2021. Balakrishna told him he was involved in multiple businesses, including fruit dealership, and encouraged him to invest.
In the initial days, Balakrishna frequently borrowed money from Sivanand and returned it, building trust.
Later, he claimed he was investing in a “Sriramav Baba Apple Agency” and promised monthly returns of 3% interest along with profits. He assured repayment with interest if Sivanand invested ₹5.7 crore.
Sivanand, trusting the assurances, transferred the money.
Accused absconds after failing to repay amount
Balakrishna did not return the money as agreed and stopped responding to phone calls before going missing.
The complainant alleged that Balakrishna’s wife Kavi and relative Edapalli Ramesh assisted him in collecting money from several people in the name of the apple business.
Following the complaint, Cyberabad EOW police registered a case and began an inquiry.
