Police crack massive Rs 52-crore investment scam; assets under scanner
In Short
- Accused allegedly duped investors of nearly Rs 52 crore with fake partnership promises
- Police arrested the prime accused from Kerala and seized 35 vehicles linked to the fraud
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Police crack massive Rs 52-crore investment scam; assets under scanner
Khammam: Police in Telangana’s Bhadradri Kothagudem district have arrested the prime accused in an alleged Rs 52-crore investment fraud and seized 35 vehicles suspected to have been purchased using the proceeds of the crime.
Addressing a press conference on Saturday, Kothagudem DSP Adinarayana said the case, registered at Lakshmidevipalli Police Station, was investigated under the supervision of SP Rohith Raju. The accused, Betampudi Bharat Kumar, allegedly posed as a labour contractor with ITC Paperboards and Specialty Papers, Bhadrachalam, and lured investors by promising partnership in contract works and a four per cent profit share.
Police alleged that he collected nearly Rs 52 crore using forged partnership agreements and fake documents while operating firms under the names BK Naidu & Co. and Rajeswari Travels. He was arrested from Pala in Kerala on a transit warrant.
Besides 35 seized vehicles, police have identified a three-storey building and a residential plot suspected to have been acquired with the cheated money. The investigation into the money trail and additional victims is ongoing.
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