During the raids, police seized 354 grams of gold jewellery, 21 kg of silver ornaments, a high-end car and a bike, computers, and froze multiple bank accounts.
In addition, movable and immovable assets worth approximately Rs 23 crore, linked to the accused, have been attached, CP Rajashekhar Babu explained. The CP revealed that the prime accused, Kiran, had established Upix Creations in Satyanarayanapuram in 2014, employing approximately 70 staff members.
In 2018, he teamed up with others, including Rajendra Babu, Rajeev Krishna, and their associates, and lured investors with false promises of huge returns. Initially, the company claimed that deposits of Rs 10 lakh for 12 months would double, and investments of Rs 1 crore would fetch equal returns within a year.
The accused created the illusion of profits to gain trust, later roping in relatives and friends to invest.
Commissions were paid to early investors to attract more deposits. Over time, 183 victims from Narasaraopet, Guntur, and Vijayawada invested nearly Rs 353 crore in the scheme.
By the end of 2024, the accused had allegedly siphoned off around Rs 194 crore into their accounts.
The Commissioner lauded the SIT team for cracking the high-profile scam and rewarded the officers and staff with cash incentives for their efforts. Further investigation is underway to trace additional assets and recover funds for the victims, the CP maintained.
Subsequently, the three accused were produced in court in Vijayawada, where the judge sent them to judicial remand for 14 days.
