Hyderabad: The police have arrested a Hyderabad couple for allegedly duping 41 people in Telangana of Rs 9 crore by luring them with promises of high returns on investments in a fake dairy farm scheme.
The accused who is identified as Vemula Subba Rao and his wife Vemula Kumari from Kokapet ran a fraudulent investment scheme under the name Kondapalli Dairy Farm Pvt Ltd located in Aziznagar, Moinabad.
Hyderabad couple promised lucrative returns
In June 2022, the couple placed advertisements in Telugu and English newspapers, offering lucrative investment opportunities in their dairy business.
Potential investors were promised monthly returns ranging between Rs 2 lakh and Rs 5 lakh.
To gain trust, the accused even took victims to their farm to show them cattle sheds, buffaloes, cows and a milk processing unit. However, the operation turned out to be a well-planned fraud.
Legal action
After multiple complaints from cheated investors, the Economic Offences Wing (EOW) of Cyberabad police registered an FIR under various relevant sections of the Bharatiya Nyaya Sanhita. The couple was arrested on Thursday evening following an investigation.
The case highlights the growing trend of Ponzi schemes and fraudulent investment traps.
Multiple times, authorities have warned the public to verify business claims before investing and to report suspicious financial offers to the police.
