Hyderabad CCS arrests couple for ₹23 crore investment fraud
HYDERABAD: The Hyderabad Central Crime Station police on Saturday arrested a couple for allegedly cheating several investors of about ₹23 crore by promising high returns on investments in their company.
Couple floated firms to lure investors
Police said Satish Kumar Vuppalapati and his wife Banda Shilpa set up a company and convinced people to invest by assuring substantial profits. A city-based doctor, believing their claims, invested large sums.
Accused went into hiding after collecting money
After collecting money from the doctor and other investors, the couple allegedly went underground. According to investigators, they created several shell companies and diverted the collected funds into those entities.
Duo held in Karnataka and brought to city
A case was registered based on complaints from the victims. A special team tracked the couple to Karnataka, detained them, and brought them to Hyderabad for further inquiry.
