Cyberabad Police Arrest Kondapalli Ganesh for Duping Investors of ₹33 Crore

Hyderabad:Cheating case accused Kondapalli Ganesh, popularly known as Laddu Ganesh for his high-profile bids at the My Home Bhooja Ganesh laddu auction. was arrested by the Cyberabad economic offences wing (EOW) police on Friday. Confirming the arrest, a senior EOW official told Deccan Chronicle said that the preliminary investigation had found that a portion of the money collected from investors was reportedly diverted towards excise auctions.

A police team is examining the transactions to establish how much of the investors’ money was diverted, the accounts through which the funds were routed and the businesses or auctions in which the money was allegedly utilised. The officer said the other allegations against Ganesh, including claims of diverting funds through associates and benami entities, acquiring properties in their names and allegedly concealing money outside the country, are being verified as part of the ongoing investigation.

The EOW was also examining the financial trail to determine the total amount collected from investors and trace the funds, he said.

According to preliminary information, Ganesh had allegedly collected around Rs 33 crore from more than 130 persons and diverted the money into other businesses. Investigators were also examining allegations that he siphoned off funds through associates and benami entities and acquired properties in their names. The EOW was verifying these claims, the officer said.

The case was registered following a complaint by Sylvia Srinivas Reddy, 55, who alleged that Ganesh induced her and her husband to invest money by promising returns of six per cent per month, payable quarterly. She alleged that Ganesh, who projected himself as a businessman involved in wine shops and real estate development, persuaded them to invest Rs 31 lakh.

The complaint stated that Ganesh and another accused, Boyinapalli Kiran, visited the couple’s residence after being introduced through a My Home Bhooja resident and made a presentation explaining their proposed investments. The complainant alleged that despite executing an agreement on a non-judicial stamp paper, Ganesh neither paid the promised returns nor returned the principal amount.

The complaint named Botcha Appala Naidu, C. Sri Krupa, G. Naga Harish, Samudrala Ravi Shanker and Samudrala Saritha as other alleged victims, who together with the complainant had invested Rs 3.45 crore with Ganesh.

Ganesh had gained prominence after winning the My Home Bhooja Ganesh laddu auction for Rs 29 lakh in 2024 and placing a record bid of Rs 51.07 lakh in 2025. The high-profile bids and his presence in the residential complex allegedly helped create an impression of financial credibility among investors.

The complainant alleged that Ganesh vacated his My Home Bhooja residence and office by April 2026 and subsequently shifted to another residential complex in Gachibowli. The EOW was investigating the financial transactions, tracing the funds and verifying the allegations made by other investors.