Enforcement offences wing registers FIR over 1.9 cr investment fraud, six people booked

Hyderabad: The Economic Offences Wing (EOW) of Cyberabad registered an FIR against six persons, including the proprietor of Advika Trading Company, for allegedly cheating investors of 1.89 crore.The case was registered on a complaint by Asif Ali (56), a businessman from Khilwath, who alleged that he and an acquaintance, Mohammed Abdul Quadeer (64) of Asif Nagar, were contacted by one of the accused, U Kiran Kumar, in 2023–24. Asif alleged that Kumar introduced himself as a digital communications staff member of Advika Trading Company, which has offices in Vijayawada and Hyderabad."After repeated persuasion, I attended meetings where the company claimed it was engaged in forex trading, profit-sharing, and trading in Indian equities and derivatives, offering assured returns of 6% to 8% depending on the investment amount," the complainant said.Police said that after investments were made, initial payouts were issued to build confidence and encourage larger investments, along with referrals. Asif stated that 16 others subsequently invested, taking the total number of victims to 18.Police also said that the accused maintained contact with the victims through WhatsApp. To boost investor confidence, the accused hosted events at star hotels and opened an office near HITEC City. "From February 2025, the company stopped paying returns and cited reasons such as technical issues and foreign policy restrictions. Investors were asked to bring in new clients, and fresh funds were used to pay earlier investors until June 2025. It was at this point that we realised it was a Ponzi scheme," the complainant told police.Based on the complaint, a case was registered against Venkata Aditya Tadepalli, proprietor of Advika Trading Company; his wife, Tadepalli Sujatha, chairperson of the company; and their employees SM Narasimha, Pushyami Keerthi, Ravi Kiran and Kiran Kumar, under Sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita (BNS), and Section 5 of the Telangana State Protection of Depositors of Financial Establishments (TSPDFE) Act."The total investment from the 18 victims is over 1.89 crore. The accused are also facing a criminal case in Vijayawada on similar allegations. We are collecting details from the victims and, based on the evidence gathered, appropriate legal action will be initiated," an EOW official said.MSID:: 127991833 413 |