Couple arrested in ₹23 crore investment fraud case at Hubballi–Dharwad bypass

Dharwad: In a major breakthrough, police arrested a couple—husband Satish Vuppalapati and wife Shilpa Bandawho were accused in a ₹23 crore investment fraud case, on the Hubballi–Dharwad bypass road on Friday. The duo had reportedly been absconding after escaping from the custody of Hyderabad police.

According to Dharwad Superintendent of Police Gunjan Arya, the couple had been facing charges in a large-scale cheating case registered at the Central Crime Station (CCS) in Hyderabad. “The accused had fled from Hyderabad police custody and were on the run for several days. Based on credible information that they were travelling in a car on the Hubballi–Dharwad bypass, a special police team launched an operation and apprehended them,” she said.

Both Satish and Shilpa hail from Hyderabad and were allegedly operating an investment scheme that promised high returns to investors. Preliminary investigations revealed that they had collected more than ₹23 crore from multiple victims before shutting operations and going underground. The Hyderabad CCS had been tracking their movements for weeks and had alerted Karnataka police after suspecting that the accused had crossed into the state.

Dharwad police successfully intercepted the vehicle the couple was travelling in and arrested them without resistance. Following procedural formalities, the accused were handed over to Hyderabad police for further investigation and legal action.

The arrest marks a significant development in the high-profile financial fraud case that has impacted dozens of investors. Authorities said more details about the scam, including the flow of funds and possible involvement of additional accomplices, would emerge as the investigation progresses.