Hyderabad: A 43-year-old businessman was arrested on Friday, March 21 for allegedly cheating unemployed individuals and farmers under the guise of providing hand loans and promising partnerships in new software company.
The accused has been identified as Guru Sriranga Srinivas Bodanaboina, a resident of Padmaja Colony in Guntur, who hails from the Prakasam district. He initially worked as a software employee in Begumpet before venturing into real estate.
According to reports, in 2019, he allegedly duped a complainant interested in exporting vegetables by supplying fake okra seeds under an unregistered brand, and collecting money from farmers. When the seeds failed to germinate, he promised compensation but later switched off his phone.
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In 2022, he allegedly manipulated a complainant’s son into signing a sale deed instead of a mortgage deed for a Rs 3 lakh loan, later using the property for further loans. In 2023, the accused reportedly defrauded another individual of Rs 17.50 lakh under the pretence of a startup software company partnership.
Following a tip-off, police arrested the accused in Langer Houz and booked a case against him.
Further investigation is ongoing.
