Two Arrested in Rs 98-Crore Investment Fraud in Kakinada

Kakinada: Police have arrested two persons for allegedly cheating thousands of investors by promising high returns through a fraudulent scheme.

The accused, identified as Mojesh and Lalithambika, were taken into custody by the Sarpavaram police for operating under the name “Almighty Genesis” and duping investors on a large scale.

According to police, the duo lured people with promises of hefty profits and collected large sums of money from unsuspecting victims. During the investigation, officials seized six laptops, four mobile phones, a car, bond papers and other documents from the accused.

Preliminary findings revealed that as many as 7,342 people had invested in the scheme. Of these, around 3,000 victims are from the undivided East Godavari district alone.

Police said the accused had collected approximately Rs 98.66 crore from investors, out of which Rs 37.74 crore remains unpaid.

A case has been registered, and further investigation is underway to trace the money trail and identify any additional accused involved in the scam.