HYDERABAD: The Economic Offences Wing (EOW) of the Cyberabad Commissionerate has registered a case against a man identified as Pendyala Srinivasa Rao for allegedly cheating several people of over `3 crore by luring them to invest in his firm with promises of high returns.
According to the police, a 47-year-old victim lodged a complaint stating that in November 2024, he met his neighbour, Srinivasa Rao, who claimed to have established a trading company named Advaith Investment Solutions. Rao explained his supposed stock market trading operations and offered an attractive return of `7 per `100 per month.
Initially hesitant, the complainant was later convinced after Rao showed lists of other “customers” and transaction details to appear legitimate. He also provided a website for online investments, through which the victim invested `27.5 lakh. Rao subsequently persuaded the victim’s friends to invest as well, offering similar assurances.
In some instances, Rao issued cheques and promissory notes to investors as collateral security. So far, 29 victims have collectively invested about `3.32 crore in the alleged trading venture.
Rao reportedly paid returns until August 2025, after which he stopped responding to calls, switched off his phone, and became untraceable. “He collected huge deposits from innocent investors in the name of trading and misappropriated the funds for personal gain,” the complaint stated.
Police suspect there may be more victims yet to come forward. A case has been registered under Sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita (BNS), and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act (TSPDFEA). An investigation is underway.
