Nalgonda Cops Arrest Man for Duping 106 People of 50 Cr

Nalgonda: Nalgonda police on Saturday arrested Ramavath Balaji Naik, who allegedly cheated 106 people of ₹50 crore by promising high returns, and recovered documents related to valuable immovable properties.

Addressing a press conference at the District Police Office, police superintendent Sharat Chandra Pawar said the 26-year-old accused, a native of Palugu Thanda in P.A. Pally mandal, collected nearly ₹50 crore from people in his village and nearby areas by offering 10 per cent monthly interest.

To gain their trust, Balaji Naik initially paid interest for a few months but later stopped payments. As pressure from investors mounted, he absconded from the village.

The SP said the accused had invested the collected money in wine shops, stock market trading, and RBN Software Solutions Company, but suffered heavy losses.

Three cases have been registered against Balaji Naik at the Gudipally Police Station under the Telangana Protection of Depositors of Financial Establishments Act.