Amaravati: A massive financial fraud has come to light in Vijayawada, where over 1,200 investors were allegedly duped of nearly ₹300 crore by a firm named Advaika Trading Company. The company lured investors with promises of high monthly returns, only to collapse without returning their money.
The Vijayawada police arrested Tadepalli Venkata Aditya, the company’s manager, along with another associate, following complaints of financial misappropriation and operating investment schemes without Reserve Bank of India (RBI) authorization.
How The Scam Unfolded
Aditya, a former LIC agent, launched Advaika Trading Company in 2022, operating primarily from Gunadala and LIC Colony in Vijayawada. He marketed it aggressively under the tagline “Advaika is amazing – a secure way for your investment”, promising monthly returns of 6% (₹6,000 per ₹1 lakh invested).
Using agents across Krishna, NTR, and Eluru districts, and leveraging social media influencers, the company built trust and mobilized deposits at a rapid pace. Initial investors received timely interest payments, which helped expand the scheme further. However, by February 2024, the payouts stopped, and investors began raising concerns. The scheme collapsed soon after.
Complaint by Software Engineer Exposes Scam
The fraud came to light after Veeramallu Ganesh, a software engineer from Chennavaram village, Eluru district, filed a police complaint. Ganesh initially invested ₹1 lakh and was later convinced to deposit a total of ₹53 lakh. He received interest payments totalling ₹13 lakh over a year and a half, but the returns stopped abruptly in February.
Repeated attempts to contact the company failed. When Ganesh visited Advaika’s office in Vijayawada, Aditya dismissed him with vague promises, following which he approached the police.
Investigation And Arrests
Based on the complaint, police launched an investigation and arrested Aditya. Another person was also detained based on his statements. The accused admitted to investing the collected funds in forex and equity trading, claiming they lost money in the process.
However, police are probing whether the money was truly lost in trading or misappropriated. The Task Force has handed Aditya over to the Machavaram police, and a case has been registered under relevant sections. Nagasuresh, the agent who lured Ganesh, has also been named as a co-accused.
Authorities are now tracking other agents involved in the scam and identifying the full extent of the fraud. Victims are being urged to come forward and submit complaints.
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