Secunderabad investor alleges ₹8 crore trading fraud
HYDERABAD: A trader from Secunderabad has alleged that he was cheated of ₹8.64 crore on the promise of high returns on investment. The complaint was filed with the Central Crime Station (CCS) police in Hyderabad.
Bhaskar K Bhatt, a resident of PG Road in Bapubagh Colony, runs a trading business. He had taken a loan of ₹3 crore from Axis Bank to expand his business.
Agreement signed with trading firm in Vijayawada
During this period, Bhatt was introduced by Mohammed Ibrahim to Tadepalli Venkata Aditya, owner of Advika Trading Company based in Vijayawada. An agreement related to trading activities was signed between them.
The accused allegedly promised high interest and profits and collected ₹8.64 crore from Bhatt in phases.
Funds collected in phases without returns
When the promised returns were not paid, Bhatt approached the police. Based on his complaint, CCS police registered a case and began an inquiry.
