Nalgonda police arrest man for ₹50 crore investment scam
HYDERABAD: The Nalgonda district police have arrested a real estate agent, Ramavath Balaji Naik, for allegedly cheating hundreds of people of nearly ₹50 crore by promising unusually high monthly interest returns.
Collected crores promising 6% monthly returns
According to district superintendent of police Sharath Chandra Pawar, IPS, the accused lured investors through local agents, offering 6% interest per month and issuing promissory notes to gain their confidence. Over time, he collected large sums of money from people in tribal tandas and nearby villages.
Balaji Naik, 26, son of Jawahar Lal, a resident of Palugu Tanda in Vaddipatla village of P.A. Pally mandal, initially ran an ice-cream business after failing his degree in 2019. After incurring losses, he turned to real estate and began mobilising deposits with the promise of high returns.
Investors duped through trust network
Police said Naik used relatives and local agents to reach investors and built trust by paying interest regularly at first. He later diverted the funds to buy agricultural lands, houses, cars and bikes in his and his relatives’ names. When he could no longer repay investors, he absconded.
Cases have been registered under Cr. Nos. 153/2025, 154/2025 and 157/2025 at Gudipally police station under Sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita and Section 5 of the Telangana Protection of Depositors Act, 1999.
Assets worth crores seized
Police have seized two cars—a Fortuner and a Scorpio—worth ₹80 lakh, property documents related to houses and lands in Miryalaguda, Hayathnagar, Nereducherla and Palugu Tanda, 36 issued and 77 blank promissory notes, seven mobile phones worth ₹5.5 lakh, and records containing transaction details.
The accused has been remanded to judicial custody. Police said further investigation is underway to trace benami assets, which will be seized and auctioned as per court orders to refund victims.
SP Pawar appealed to the public not to fall prey to moneylenders offering unrealistic returns. He also urged affected investors not to take extreme steps and instead approach Gudipally police station with relevant documents to file complaints.
Fraud of ₹50 Crores in the Name of High-Interest Scheme – Accused Arrested
The Nalgonda District Police have arrested Ramavath Balaji Naik, who cheated innocent people to the tune of nearly ₹50 crores, promising high interest rates and collecting money through local agents.… pic.twitter.com/tZkk0GpiGJ— Nalgonda District Police (@NalgondaCop) October 12, 2025
