Software employee dupes colleagues in investment fraud in Hyderabad

A software professional allegedly cheated two former colleagues of Rs 3.56 crore in Hyderabad by promising high investment returns. After making payments for a few months, the accused reportedly stopped payouts and became unreachable, prompting victims to file a complaint with police.

Hyderabad: A software professional allegedly cheated two of his former colleagues to the tune of Rs 3.56 crore by promising high returns on investments.

According to the complaint, C Venkata Reddy, a resident of Nizampet, became friend with Desu Sandesh while working at an IT company in 2020. Sandesh reportedly claimed that he was running a company that offered lucrative investment opportunities with assured monthly returns.

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Believing the promises, Venkata Reddy allegedly invested Rs 1.92 crore, including funds obtained through bank loans. Sandesh is said to have assured him a monthly return of Rs 3.5 lakh and initially made regular payments, creating confidence in the scheme.

Encouraged by the early payouts, Venkata Reddy introduced his friend Subramanyam to the investment venture. Sandesh allegedly persuaded both men to invest a total of Rs 3.56 crore, assuring them of monthly profits along with an additional five per cent annual return.

Police said the suspect paid returns for about five months before abruptly stopping all payments. He later became unreachable and stopped responding to phone calls, prompting the victims to suspect foul play.

After realising they had been cheated, the victims approached the police.

Based on a complaint filed by the victims, the Cyberabad Economic Offences Wing (EOW) police have registered a case and are investigating.