Cyberabad Police Book Software Employee For Cheating Colleagues Of Rs 3.56 Crore
The Cyberabad Economic Offences Wing (EOW) police have registered a case against a software professional for allegedly defrauding two of his former colleagues, including a resident of Nizampet in Hyderabad, of Rs 3.56 crore under the guise of high-yield investment returns.
The accused, identified as Desu Sandesh, reportedly convinced the victims to invest large sums of money in his venture before abruptly halting all payouts and cutting off communication.
According to the police, the complainant, C Venkata Reddy, who resides in Nizampet, first became acquainted with Sandesh in 2020. At the time, both individuals were working together at an information technology company. During their tenure, Sandesh claimed to operate a private company that offered highly lucrative investment opportunities, promising assured monthly returns to its investors.
Relying on these assurances, Venkata Reddy decided to participate in the scheme and invested Rs 1.92 crore, a sum that included funds he secured through various bank loans. To gain his trust, Sandesh had promised him a monthly return of Rs 3.5 lakh. The accused initially made regular monthly payments as promised, which successfully established Venkata Reddy's confidence in the venture.
Buoyed by the consistent early payouts, Venkata Reddy introduced his friend, Subramanyam, to the investment scheme. Sandesh then allegedly persuaded both Venkata Reddy and Subramanyam to pool in more funds, eventually securing a total investment of Rs 3.56 crore from the two men. For this larger amount, Sandesh assured them of regular monthly profits along with an additional five per cent annual return.
However, the arrangement soon fell apart. Police officials stated that the suspect distributed the promised returns for only about five months before abruptly stopping all payments. Shortly after, Sandesh went missing, stopped answering phone calls, and became completely unreachable.
After realizing they had been duped, the victims filed a formal complaint. The Cyberabad EOW police have registered a case and are currently investigating the matter.
