Hyderabad woman held for Rs. 3 crore investment fraud
Hyderabad: The Cyberabad Police’s Economic Offences Wing (EOW) arrested one accused of cheating and criminal breach of trust on July 16 (Tuesday). The accused reportedly collected Rs. 3.06 crore, two cars, and three mobile phones from the victim, promising financial assistance and high returns.
The accused individual has been identified as Panuganti Indira Devi Reddy, alias Indirala Indira Devi Reddy (29), a resident of Nallalagadla, Sherilingampally, Hyderabad.
The complainant has been identified as S. Sathyanarayana of Madhinaguda, Hyderabad.
According to the police investigation, Indira Devi Reddy posed as a Non-Resident Indian (NRI) managing a beauty parlour and a food business called Devi Foods in Nagole. She fabricated ownership of properties in upscale localities like Madhapur, Gachibowli, and Narsingi to lure the victim.
Indira Devi Reddy allegedly convinced Sathyanarayana to invest Rs. 3 crore 6 lakh with the promise of high returns. She then took his two cars and mortgaged them. Furthermore, she introduced her friends as police officers and used Sathyanarayana’s money to purchase two iPhones and a OnePlus phone.
When Sathyanarayana confronted Indira Devi about the money and vehicles, she threatened and blackmailed him with false cases.
The investigation revealed that Indira Devi had a similar case registered against her at Madhapur Police Station for allegedly defrauding another victim of Rs. 1 crore using the same modus operandi.
A case has been registered against Indira Devi under Crime No. 21/2024 under Sections 406, 419, 420, and 120(B) of the Indian Penal Code (IPC) at the EOW Police Station, Cyberabad. The seized property includes two cars and one iPhone.
The case is being investigated by Inspector of Police J. Venkateshwarlu, who is under the supervision of Deputy Commissioner of Police K. Prasad, both from the Cyberabad EOW.
Public Advisory:
The Cyberabad EOW urges the public to be cautious of such fraudulent schemes. They advise against offering money to anyone promising high returns without proper verification. The department remains committed to pursuing justice for victims and prosecuting fraudsters.
