NOB- Nalgonda news: Nalgonda district police have arrested a group of accused who lured innocent people with promises of high returns and collected crores of rupees through local agents before absconding. Under the supervision of District SP Sharath Chandra Pawar, IPS, multiple cases were registered under the Telangana Protection of Depositors of Financial Establishment Act, 1999 and sections 316(2), 318(4) BNS at Gudipally Police Station. The main accused Ramavath Madhu Naik and his associates floated a fake company named Gokulanandan Infra Pvt. Ltd., claiming ownership of real estate ventures, pubs, and cement factories. They promised investors 15–18% monthly interest and issued fake promissory notes. The gang used the collected money to buy luxury cars, land, and other assets, and lost large sums in betting and stock trading.

Police have seized:

Fortuner, Creta, Venue, I20, MG, and Thar cars, Property documents, 9 mobile phones, and a cash-counting machine, Further investigation is underway under the supervision of the Additional SP.

SP Sharath Chandra Pawar appealed to the public not to trust middlemen or fall for unrealistic profit schemes, assuring that all victim’s complaints will be investigated and offender’s assets will be seized.