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Sacked cop swindles 3.9 cr
The Rachakonda police arrested a former policeman, along with three others, in a money laundering case here on Friday. According to the police, Sriram Chinna Gopala Krishna (37) allegedly cheated gullible investors to the tune of Rs. 3.9 crore on pretext of starting a bar and restaurant and making them invest money.
Hyderabad: The Rachakonda police arrested a former policeman, along with three others, in a money laundering case here on Friday. According to the police, Sriram Chinna Gopala Krishna (37) allegedly cheated gullible investors to the tune of Rs. 3.9 crore on pretext of starting a bar and restaurant and making them invest money.
In order to win the trust of investors, Gopala Krishna initially started an online media and advertising company in the name of Tanvi Creations and a financial firm Shivam Enterprises at SRL Colony, Kothapet, in 2016 and started collecting money from investors.
Majority of his victims were farmers, students, petty business people, employees and software engineers. Gopala Krishna gave huge interests to his investors, who initially invested in the finance business. After winning the trust of investors, he assured similar returns to the investors and made them put money in the proposed liquor business. He allegedly collected Rs 3.9 crore from the investors.
It may be mentioned here he started a finance business in 2013 with an initial amount of Rs.5 lakh borrowed from his father and ran the business for one year, and there after stopped it as he incurred loss. The accused had joined the Police Department in 2006 as a constable. In 2009, he was selected as Sub-Inspector (civil) but later removed from service in 2012.
The police said Gopala Krishna never maintained any kind of records either in writing or other electronic forms. He used to accept the money only in cash through his employee Nunavath Ashok. With the money collected from investors, he bought a flat, a car and a motorcycle.
The other arrested include Yerramsetty Satish (30), a home guard, Pillutla Venkat (37) and Tippani Narsimha Rao (36). All the accused are native of Suryapet district. Speaking to The Hans India, Dr Tarun Joshi, Rachakonda Joint Commissioner of Police said, “People should be cautious when they are investing money in such companies. The fraudsters will lure them by giving huge interests and profits initially. People should not fall prey to such fraudsters.” He said during the investigation, 20 people approached the police complaining against him.
A case has been registered with Chaitanyapuri police station under Section 3 and 4 of Prevention of Money Laundering Act, 2002, and IPC 420, 406, 506, 120-B. Efforts are on to apprehend the remaining accused and the case is under investigation, according to the police.
