Cyberabad EOW books Kondapalli Ganesh in investment fraud case
HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad police has registered a case against Kondapalli Ganesh, who made headlines last year after successfully bidding ₹51 lakh for the Ganesh laddu at My Home Bhooja.
Ganesh, a resident of My Home Bhooja in Gachibowli, had secured the laddu during the Ganesh festivities in September last year. The high-value bid drew attention at the time and earned him a reputation among residents as a wealthy man. After the auction, he distributed the laddu among residents of the apartment complex.
Couple invests ₹31 lakh on promise of monthly returns
During this period, Ganesh was introduced through Boyinapally Kiran to Sylvia and her husband, Srinivasa Reddy, who also lived in the residential complex.
According to the complaint, Ganesh and Kiran asked the couple to invest in a business they planned to start and promised returns of 6% a month.
Believing them, Sylvia and her husband initially transferred ₹31 lakh.
When the couple later sought their returns, Ganesh and Kiran allegedly kept postponing the payments. They subsequently stopped responding to phone calls.
Five investors allegedly pay ₹3.45 crore
In April this year, Ganesh and Kiran vacated their residences at My Home Bhooja.
On making inquiries, the couple learnt that several others had allegedly been duped in a similar manner. Investigations revealed that ₹3.45 crore had been collected from five people.
Some of the victims were retired employees who had handed over their lifetime savings to Ganesh.
After learning that more people had allegedly been cheated in a similar manner, the victims approached police.
