Gang Arrested For ₹4.84 Crore Fraud In Warangal
The police seized valuables from the gang, including ₹5.92 lakh in cash, 834 grams of gold coins and jewellery, a car, mobiles, laptops, a cash counting machine, and documents for land and house plots: Reports
WARANGAL: A four-member gang that cheated the public of crores of rupees by promising huge profits on investments was arrested in a joint operation by the Task Force and Palakurthi police in Warangal on Wednesday.
The police seized valuables from the gang, including ₹5.92 lakh in cash, 834 grams of gold coins and jewellery, a car, mobiles, laptops, a cash counting machine, and documents for land and house plots.
Disclosing details to the media, Police Commissioner Sunpreet Singh said the accused were identified as Teppali Saidulu (55), Manubothula Ramakrishna (36), Podila Suresh Kumar (35), and Podila Sridhar (30), all residents of Jangaon district.
The main accused, Saidulu, along with the other three, launched a chit fund company called Hepsibah in 2023 and began running chits in 2024 without any government permission. They lured the public with promises of high profits.
Under the scheme, each member had to pay ₹6,000 to join. Of this, ₹4,000 was deposited into the company, while for the remaining ₹2,000 they promised to provide valuable items. In reality, they supplied items worth barely ₹300, making members believe they were receiving high-value goods. To further gain trust, the gang also promised to pay ₹1,000 per month for 20 months on every membership.
Using village-level agents, the gang enrolled about 28,493 members and collected ₹11.39 crore in deposits. They further defrauded members of ₹4.84 crore by giving them low-value items instead of the promised returns. Many people, lured by the promise of high profits, invested lakhs of rupees in the scheme.
Following multiple complaints and fears that the gang might abscond with the money, the police arrested all four members. Investigations revealed that the funds were spread across 17 bank accounts. Officials have frozen accounts containing more than ₹5.48 crore to prevent further transactions.
Commissioner Sunpreet Singh confirmed that the main accused, Saidulu, already has over 10 cheating cases registered against him in various police stations, including Medak, Suryapet, and LB Nagar.
