Vijayawada Police Bust Rs 140 crore Ponzi Racket
28 Oct 2025 6:44 PM IST28 Oct 2025 6:44 PM IST
Advika Trading duped 1,100+ investors with fake forex promises; ₹100 Cr assets traced, gold and luxury car seized
Vijayawada cops arrest four in ₹140 crore Ponzi racket run via Dubai-linked firm; 1,355 victims identified, ₹23 lakh cash and 580g gold recovered.
Vijayawada: The Vijayawada police have uncovered a massive financial fraud involving Advika Trading Marketing Company, which cheated over 1,100 investors of nearly `140 crore through false promises of high returns. The main accused, Tadepalli Srivenkata Aditya (43), his wife Sujatha (42) and two agents — Gaddhamsetti Balakrishna Murthy (51) and his wife Nagalakshmi Kumari (41) were arrested on Monday by the Central Crime Police.
Police Commissioner S.V. Rajasekhar Babu said Aditya launched the firm in 2022 with an initial investment of `15 lakh, claiming to trade on international forex platforms via a Dubai-based account named Cabana Trading. He lured investors by offering 5 per cent monthly returns and 3 to 4 per cent commissions to agents.
Despite failing to generate profits, Aditya continued to pay old investors using new deposits — a classic Ponzi scheme — until the company collapsed. Based on a complaint from Viramalla Ganesh Chandra, who lost ₹53 lakh, Machavaram police registered a case, which was investigated by Central ACP K. Damodara Rao under the supervision of Crime DCP Dr K. Tirumaleswara Reddy.
Ten special teams, assisted by Task Force ACP K. Latha Kumari, investigated 1,355 victims and traced the accused to Gouri Shankar Nagar, where they were arrested. Investigations revealed that the accused diverted funds to Dubai accounts and invested heavily in gold and property. Assets worth `100 crore have been traced so far.
Police seized `23 lakh in cash, 580 grams of gold, 8.3 kg of silver, computers, and a Tata Safari car. Commissioner Rajasekhar Babu praised the coordinated efforts of the crime teams and warned that stringent action would be taken against those running fraudulent online trading schemes.
( Source : Deccan Chronicle )
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