Hyderabad: A couple involved in an Rs 23 crore investment fraud in Hyderabad was arrested by the Karnataka police on November 20 and brought to Hyderabad on Saturday, November 22.
The accused, identified as Vuppalapati Satish Kumar and Shilpa Banda were arrested by the Dharwad police on the Hubballi-Dharwad bypass and were handed over to the Central Crime Station police in Hyderabad.
In September, the CCS police received a complaint from 67-year-old Dr P Vinay Kumar, a resident of Mamidipalli village, Ranga Reddy district, stating that the accused persons induced him and his family members and others to deposit money in their firm and assured good returns.
Initially, they paid meager amounts as their investment returns but later stopped payments, defrauding their victims of Rs 23 crore before fleeing the state.
The couple evaded arrest by travelling to various places and siphoning funds into shell companies. Based on information from Hyderabad police that the couple was travelling through the Hubballi- Dharwad by pass, the Dharwad police set up a checkpost and deployed heavy force to apprehend them.
Previously, Vuppalapati Satish and Shilpa Banda were involved in CBI, ED and GST cases.
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