Nagole police arrest three in ₹30 crore fraud
HYDERABAD: Police in Nagole have arrested three persons for allegedly cheating investors of about ₹30 crore by promising high monthly returns.
Investors lured with fixed monthly returns promise
According to Nagole Circle Inspector Mohammed Maqbool Jan, Kiccha Veerabhadra Rao, 51, from Bandlaguda Anand Nagar, along with his wife Rajyalakshmi and aide Venkata Durgaprasad, rented a house in June 2024 at Cooperative Bank Colony, Road No. 13. They started an office under the name “Veerabhadra Trading”.
They assured investors that a deposit of ₹1 lakh would yield ₹10,000 per month as interest. Police said around 290 people invested, with total collections reaching nearly ₹30 crore.
Payments stopped after financial distress
Initially, the accused paid returns to some investors to build trust. However, in May 2025, a cybercrime case was registered against Veerabhadra Rao in Gurugram, leading to financial strain.
Police said the accused repaid about ₹15 crore but stopped payments on the remaining ₹15 crore due to mounting debts.
Victims approach police; accused arrested
After realising the fraud, victims approached police. Based on their complaint, a case was registered and an inquiry launched. The accused were taken into custody, arrested and remanded.
Maqbool Jan advised the public to exercise caution while investing and avoid schemes that promise unusually high returns.
