Cyberabad Police Arrest Kondapalli Ganesh for Allegedly Duping Investors of ₹33 Crore

The Cyberabad Economic Offences Wing (EOW) on Friday arrested cheating case accused Kondapalli Ganesh, who allegedly collected approximately ₹33 crore from more than 130 investors by promising high monthly returns and diverted the funds into other businesses.

Ganesh, popularly known as "Laddu Ganesh" after winning prominent laddu auctions at the My Home Bhooja residential complex in Gachibowli, was apprehended following an investigation into multiple fraud complaints. Preliminary inquiries revealed that a portion of the funds collected from victims was diverted towards excise auctions, while police continue to examine financial transactions, accounts, and businesses linked to the accused.

The case was registered based on a complaint lodged by 55-year-old Sylvia Srinivas Reddy. She alleged that Ganesh, projecting himself as a businessman dealing in real estate development and wine shops, induced her and her husband to invest ₹31 lakh by promising returns of six per cent per month, payable quarterly.

According to the complaint, Ganesh and another accused, Boyinapalli Kiran, visited the couple's residence after being introduced through a resident of My Home Bhooja and delivered a presentation on their proposed ventures. Despite executing an agreement on non-judicial stamp paper, Ganesh failed to pay the promised returns and did not return the principal amount.

The complaint also listed Botcha Appala Naidu, C. Sri Krupa, G. Naga Harish, Samudrala Ravi Shanker, and Samudrala Saritha as victims who, alongside the complainant, collectively invested ₹3.45 crore with Ganesh.

Investigators noted that Ganesh had gained public prominence after winning the My Home Bhooja Ganesh laddu auction for ₹29 lakh in 2024 and placing a record bid of ₹51.07 lakh in 2025. These high-profile bids and his presence in the residential community reportedly helped him build an image of financial credibility among prospective investors.

The complainant stated that Ganesh vacated his My Home Bhooja residence and office by April 2026 and moved to another residential complex in Gachibowli. Cyberabad EOW officials are verifying further allegations regarding the siphoning of funds through associates and benami entities, property acquisitions, and potential transfers outside the country.