Hyderabad: A software engineer based in the United States has alleged that he was defrauded of Rs 10.3 crore by a couple who promised substantial returns through a purported casino venture that never materialised.
The complainant, K Karunakara Reddy, a native of Hyderabad’s Humayun Nagar, reportedly met the accused—Mani Varaprasad and his wife, Mani Nagamani—during a visit to the city in 2021. The couple, who were introduced through mutual contacts, allegedly convinced him to invest in a proposed casino business, assuring high profits.
Business never launched
According to the complaint, Reddy transferred the money in several instalments between December 2021 and November 2022, trusting the assurances given by the duo. However, the business was never launched, and the promised returns did not come through.
When Reddy later attempted to follow up, the couple allegedly began avoiding his calls and responded in an uncooperative manner when confronted, raising suspicions of fraud.
Case registered
Subsequently, he approached the Hyderabad Central Crime Station (CCS) and filed a formal complaint. Police have registered a case and initiated an investigation into the matter.
During the probe, officials identified two additional individuals—Mudavat Venkateshwarlu Naik and Peddakurava Srisailam—who are suspected to have assisted the couple in the alleged scheme.
Authorities stated that the investigation is ongoing and further details are expected to emerge.
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