HYDERABAD: At least 140 individuals have reportedly been swindled of 30 crore in a financial fraud allegedly orchestrated by two promoters, who lured them with promises of lucrative investment opportunities through two companies, YATI B4 World Class Hospitality OPC Private Limited and B4 Black Swan World Class Business Technologies OPC.
Saif Ali Khan Health Update
The Cyberabad economic offences wing has registered a case against the accused, Vaddepally Laxmikanth and Golla Raja Ashlesh, and launched an investigation into the alleged scam.
The fraud was brought to light after a complaint was filed by 38-year-old private firm employee Nalla Santhosh of Alwal on Jan 2. In his complaint, Santhosh said he had known the primary accused, Laxmikanth, for over 15 years from their time at Sri Krupa Institute of Pharmaceutical Sciences (SKIPS) in Siddipet. The two reconnected in 2022, when Laxmikanth introduced Santhosh to his business, Rytal Pharma, promising it was a profitable venture.
Modus operandi
Santhosh initially invested 20 lakh in Rytal Pharma in Feb 2022, transferring the funds to the company's HDFC bank account. After receiving positive returns, Santhosh was further convinced to invest 62 lakh between Oct 2023 and Jan 2024 in Laxmikanth's new ventures, YATI B4 and B4 Black Swan. The investments were made through bank transfers, credit card payments, and funds from his family members' accounts, as well as in cash.
To attract more investors, the accused reportedly organised meetings, including one at Alankrita Resort at Shameerpet in Jan 2023. Alumni of SKIPS were particularly targeted, lured by promises of 3% monthly returns and opportunities to invest in hospitality, retail, and entertainment sectors.
Santhosh claimed that he received returns until Sept 2023, but payments stopped thereafter. He was unable to reach Laxmikanth, and his family reported him missing after Nov 29, 2024.
Extent of fraud
Further investigation revealed that approximately 140 individuals had invested in the accused's ventures, suffering collective losses of around 30 crore. The other accused, Raja Ashlesh, allegedly played a significant role in convincing residents of Pet Basheerabad to invest. Victims were issued MoUs, but these expired without any promised returns.
Santhosh was reportedly persuaded to invest an additional 13 lakh, including 4 lakh in cash and 3 lakh via credit card payments at a restaurant owned by YATI B4.
Based on Santhosh's petition, the EOW registered a case on Jan 2, 2025, under sections 316(2) and 318(4) of BNS and section 5 of the Telangana State Protection of Depositors in Financial Establishments Act.
Sudhakar Reddy Udumula is the Editor (Investigation) at the Times...
Read MoreSudhakar Reddy Udumula is the Editor (Investigation) at the Times of India, Hyderabad. Following the trail of migration and drought across the rustic landscape of Andhra Pradesh and Telangana, Sudhakar reported extensively on government apathy, divisive politics, systemic gender discrimination, agrarian crisis and the will to survive great odds. His curiosity for peeking behind the curtain triumphed over the criminal agenda of many scamsters in the highest political and corporate circles, making way for breaking stories such as Panama Papers Scam, Telgi Stamp Paper Scam, and many others. His versatility in reporting extended to red corridors of left-wing extremism where the lives of security forces and the locals in Maoist-affected areas were key points of investigation. His knack for detail provided crucial evidence of involvement from overseas in terrorist bombings in Hyderabad.
Read Less
Start a Conversation
Post comment