Cyberabad EOW arrests 2 in investment fraud

Hyderabad: The Economic Offences Wing Police of Cyberabad arrested two persons for cheating 41 victims in the name of investment and good returns to a tune of Rs nine crore. The police arrested Vemula Subba Rao and Vemula Kumari both residents of Kokapet village, Gandipet mandal, Ranga Reddy district and owners of Kondapalli Dairy Farm Pvt Ltd situated at Nagireddyguda village, Aziznagar, Moinabad.

According to the police, Subba Rao, Kumari and another person in June-2022 gave an advertisement in newspapers in classified pages under the caption of ‘Business Offer’, ‘Need Good Investors for my well running Diary Farm.’ Last 16 years monthly guarantee income is earned, and the mobile number was mentioned in the advertisement. After reading the advertisement, interested persons contacted the mobile number, wherein another person answered the calls and spoke with them in an inducing manner by boosting about their dairy farm business and stating they will give good monthly returns in the farm of monthly returns starting from Rs two to five lakh per month.

Later, the investors visited the dairy farm where the accused explored their milk business by showing buffaloes and cows in the shed and milk processing unit machine. They said the investors they are getting more benefits with this business, they wanted to extend their business with genuine investors. The police advised the public to refrain from investing in such fraudulent investment business, and schemes.