Hyderabad businessman cheated of Rs 5.7 crore in apple trading investment fraud

A Hyderabad businessman was allegedly cheated of Rs 5.7 crore after being lured into investing in an apple trading business with promises of high monthly returns. Cyberabad EOW police registered a case after the accused reportedly went absconding

Hyderabad: A city businessman was allegedly cheated of Rs 5.7 crore by a man who lured him with promises of high returns in an apple trading business.

The complainant, Simhadri Shivanand from Nizampet, was approached in 2021 by one Mantri Balakrishna, a native of Hussainabad in Yadadri Bhuvanagiri district. Balakrishna initially gained Shivanand’s trust by regularly borrowing and repaying small amounts of money.

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Later, he claimed to be investing in an apple dealership linked to a trading agency, promising monthly returns of 3 percent plus a share of the profits. Believing these claims, Shivanand invested Rs 5.7 crore.

However, Balakrishna failed to return the money as agreed, stopped responding to calls, and went absconding. The victim also alleged that Balakrishna’s wife, Kavi, and his relative, E Ramesh, were involved in the fraud.

Following the complaint, the Cyberabad Economic Offences Wing (EOW) police have registered a case and are investigating.