Hyderabad: Businessman behind record Ganesh Laddu bid faces investment fraud case

A businessman who came into the spotlight after placing a record Rs 51 lakh bid for the Ganesh Laddu at My Home Bhooja has been booked by the Cyberabad EOW in an alleged Rs 3.45 crore investment fraud involving promised monthly returns.

Hyderabad: A businessman who gained citywide attention after placing a record Rs 51 lakh bid for the Ganesh Laddu at the My Home Bhooja celebrations has now landed in legal trouble, with the Cyberabad Economic Offences Wing (EOW) registering a case against him in an alleged multi-crore investment fraud.

The suspect, K Ganesh, and his associate, B Kiran, allegedly convinced fellow residents and other investors to invest in their business ventures by assuring them of 6 per cent monthly returns.

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Police said several people invested substantial amounts after trusting the duo’s claims. The suspects allegedly collected around Rs 3.45 crore from five investors.

When they failed to provide the high returns as promised, the investors reportedly tried contacting the duo, only to find that they had vacated their residences and were no longer reachable.

Following complaints from the victims, the Cyberabad EOW registered a case and took up the investigation. Officials are now examining the money trail and probing whether more people were duped through the same investment scheme.