Hyderabad: A Hyderabad resident who won the My Home Bhooja Ganesh laddu auction for a record Rs 51.77 lakh has been booked for allegedly duping the apartment complex occupants of Rs 3.45 crore.
A case was registered at the Cyberabad Economic Offences Wing (EOW) after residents of the premium Madhapur apartment lodged a complaint alleging that Kondapalli Ganesh and his associate Boyinpally Kiran duped them with high returns in his real estate and liquor businesses.
Ganesh and Kiran persuaded several residents to invest large sums, according to a complaint by Silviya Srinivas Reddy. Reddy’s family invested Rs 11 lakh, with Botsa Appala Naidu, C Srikrupa, G Naga Harish, Samudrala Ravi Shankar, and Samudrala Saritha giving additional amounts.
He won over the local residents by presenting himself as a successful entrepreneur, residents said in the complaint.
When Siasat.com contacted EOW, officials declined to share details. However, a CNBC-News18 report stated that Ganesh collected more than Rs 3.45 crore from around five individuals. Even retired employees reportedly invested in his business using their lifetime savings.
Leveraging his auction win from last September, Ganesh built a reputation at My Home Bhooja by distributing laddus to the residents. He slowly built a reputation as a wealthy businessman.
Although he assured his investors of regular returns, he repeatedly stalled payments and eventually was unreachable, residents said.
He disappeared after vacating his residence and office at My Home Bhooja. When he remained unreachable despite several attempts to contact him, residents realised they had been duped and approached the police.
