Cyberabad EOW arrest 8 persons for investment fraud

Hyderabad: The Economic Offences Wing police of Cyberabad arrested eight persons of 12 Wealth Capital Service Pvt Ltd, and other companies involved in collecting deposits from people in the name of a buyback policy scheme and a double gold scheme and failed to repay the invested amounts.

The police arrested Kalidindi Pavan Kumar, MD of 12 Wealth Capital Services Pvt Ltd, and his associates, Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika, and Kurkula Lavanya.

Following a complaint from Nayani Harikanta, a resident of KPHB, police registered a case U/S 316 (2), 318 (4), 61 (2) BNS, Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999 of EOW.

The Cyberabad EOW police advised the people to be aware of unauthorised layouts and not to become victims to fraudsters and cheaters. The department is committed to prosecuting fraudsters and cheaters and ensuring justice to victims.