HYDERABAD
The Telangana Crime Investigation Department (CID) arrested a man accused of defrauding several people by luring them into fake online investment schemes under the guise of two well-known companies, FANUC India and India Gate Rice.
According to the CID, the accused, Thokala Madhusudhan, a resident of Ghatkesar, was involved in creating fraudulent WhatsApp groups named “Fanuc India – B1012” and “Fanuc India – B1088”. These groups operated using a fake online investment app that mimicked the branding of FANUC India, a reputed robotics company. The administrator of the groups, identified only as Vanditha, shared links to the app, which promised high daily returns and referral bonuses.
Madhusudhan, initially an investor himself, put in ₹2.2 lakh in phases and received some returns. Enticed by the app’s promise of an 11% referral commission for bringing in new investors, he allegedly began recruiting others. He conducted promotional meetings at a hotel in Neredmet, assuring attendees of profits ranging from 300-400% in a short span.
Trusting his claims, many people from financially vulnerable backgrounds invested a total of ₹22.69 lakh in the scheme. However, the returns soon dried up, and the investors realised they had been duped.
A case was registered under the Information Technology Act, the Prize Chits and Money Circulation Schemes (Banning) Act of 1978, and the Telangana Depositors’ Protection Act alongside other relevant sections of the IPC. Investigators found that Madhusudhan had knowingly misled people for personal gain, causing significant financial loss to the victims.
Following his arrest, he was produced before a court, which remanded him to judicial custody on April 8, 2025.
Efforts are ongoing to trace and arrest the other accused, including the group admin Vanditha.
Published – April 09, 2025 06:50 pm IST
