The Central Crime Station (CCS) of Hyderabad police on Tuesday, August 15, busted a scam targeting unsuspecting individuals and arrested nine individuals. The police also froze 35 bank accounts with deposits over Rs 54 crore. Police said, the scam was being led by 32-year-old Ch Upendranadha Reddy, also known as VC Reddy.
Reddy is a native of Kurnool district, Andhra Pradesh and resides in Bengaluru. The Hyderabad CCS took decisive action by filing four cases against VC Reddy and his 14 accomplices involved in the fraudulent activities.
Dr Gajurao Bhupal, joint commissioner of police, revealed that the criminal syndicate, operating under the guise of a sham company called ‘V Empire’, was headquartered in Secunderabad. Their strategy involved preying on the jobless, presenting them with various schemes, and manipulating them into investing. The fraudsters cunningly pledged substantial profits, enticing their victims with promises of monthly earnings ranging from Rs 20,000 to Rs 60,000. However, they ultimately vanished, leaving the victims high and dry.
In response to complaint received from various individuals, the police initiated proceedings against 15 suspects, of which nine have been apprehended so far. In the course of their investigation, law enforcement managed to freeze 35 bank accounts, containing an estimated total of Rs 54 crore. The magnitude of their scam is extensive, impacting around 163 individuals who fell prey to the web of these swindlers, police said.
