The accused allegedly offered investors ₹10,000 as monthly returns for every ₹1 lakh invested.
HYDERABAD: A 51-year-old Bandlaguda resident and two others were arrested for allegedly cheating around 290 investors of nearly ₹30 crore in Nagole by promising high monthly returns through a trading firm, police said.
Nagole police said the case was registered against the prime accused, his wife and an associate who operated an office under the name Veerabhadra Trading at a rented premises in Cooperative Bank Colony, Nagole, from June 2024.
The accused allegedly offered investors ₹10,000 as monthly returns for every ₹1 lakh invested. Attracted by the promise of high profits, around 290 persons invested amounts totalling nearly ₹30 crore.
Police said the accused initially paid returns to a few investors to gain their confidence. Financial problems began after a cybercrime case was registered against the main accused in Gurugram in May 2025. While the accused repaid about ₹15 crore, they allegedly failed to return the remaining amount and stopped payments.
After realising they were cheated, some victims approached the police. Based on their complaint, a case was registered and the accused were arrested and remanded.
Police cautioned the public against schemes promising unusually high returns and advised investors to verify platforms before investing money.
