Police in Nalgonda district have arrested a 26-year-old man, identified as Ramavat Balaji Nayak, in connection with an alleged investment scheme that reportedly collected approximately ₹50 crore from hundreds of individuals. The arrest occurred after residents had reportedly gathered at his home.
According to Nalgonda SP Sharat Chandra Pawar, Nayak, after facing losses in an ice cream parlor business he started in 2020, allegedly began borrowing money from locals. He reportedly promised significant monthly interest returns, reaching up to ₹10 per ₹100 invested. The scheme reportedly collapsed, leading to non-payment to investors and Nayak’s subsequent departure from the area as demands for repayment increased.
Investigators have so far identified 106 alleged victims. Police seized assets including two SUVs valued at ₹80 lakh, various property documents, promissory notes, mobile phones, and transaction records. Special teams are reportedly working to trace benami assets, with the aim of recovering funds for the alleged victims through court proceedings. SP Pawar has urged individuals who believe they are victims to directly contact the Gudipalli police with their documents to register complaints, advising against relying on middlemen or acting hastily.
Source: https://www.thehindu.com/news/national/telangana/26-year-old-college-dropout-held-for-50-crore-investment-fraud-in-nalgonda/article70152278.ece