Multi-Crore Deposit Scam Exposed In Erstwhile Karimnagar; Police Begin Probe
Gujarat-based company allegedly operated a deposit scheme promising to double investments within six years: Sources
KARIMNAGAR: A large-scale financial fraud involving a private firm, Unique Mercantile India Private Limited, has been reported in erstwhile Karimnagar district, with allegations that thousands of depositors were cheated of several hundred crores of rupees.
According to sources, the Gujarat-based company allegedly operated a deposit scheme promising to double investments within six years. The firm is suspected of collecting an estimated Rs 500 crore from the region before ceasing operations.
The company is said to have run a multi-level marketing (MLM) or chain-linked deposit model, targeting rural populations, daily wage workers and small traders. It reportedly deployed hundreds of agents across Karimnagar, Warangal and Nalgonda districts from around 2015 to mobilise deposits.
Depositors were allegedly assured that the schemes were backed by regulatory approval and that investments were safe even in the event of business failure.
The issue came to light after several deposit schemes matured between 2022 and 2023, but investors did not receive their principal amounts or promised returns. Following this, victims began approaching local agents and filing complaints.
A victim from Choppadandi mandal stated that his family invested nearly Rs 80 lakh through an agent and did not receive returns even after maturity. An agent from Jagtial district said he had enrolled around 300 investors involving nearly Rs 1.5 crore, adding that customers were now demanding repayment from him.
Police sources said cases are being registered in multiple police stations across the erstwhile district as complaints increase. Preliminary investigation indicates the scam may have links across both Telugu states.
Victim groups have demanded a high-level inquiry and steps to freeze the company’s assets to facilitate recovery of funds.
Delivery executive dies in Moula Ali crash
HYDERABAD: A 29‑year‑old delivery executive died after losing control of his motorcycle and crashing into a road divider at Moula Ali on Tuesday.
Police identified the deceased as Bandari Srikanth, a native of Kerchipally village in Valigonda, Yadadri Bhongir district. He had recently moved to Kushaiguda and was residing in Laxmi Narasimha Colony near D‑Mart with his brother while working as a delivery executive.
The accident occurred when Srikanth was travelling from ECIL towards Moula Ali. Near A1 Restaurant, he lost control of his bike and rammed into a divider. He was shifted to Gandhi Hospital in a 108 ambulance, where he succumbed to injuries while undergoing treatment.
His family was alerted by his brother, who informed their father. On reaching the hospital, the father found that Srikanth had died.
Malkajgiri police registered a case and initiated an investigation.
Malayalam actress Sajini attacked
HYDERABAD: Malayalam actress Sajini was allegedly assaulted by unidentified persons in Hyderabad over a property dispute, police said on Tuesday.
She lodged a complaint at Jubilee Hills police station stating that a group of persons attacked her and threatened further harm. Police registered a case against unknown persons and began an investigation.
Sajini told police the assault was linked to an ongoing property dispute and expressed fear for her life, claiming she could be killed at any moment. The accused have not yet been identified, and further details of the dispute are being verified.
