Visakhapatnam police arrest key accused in Rs 75 Crore investment fraud

Visakhapatnam police, on 21 September 2024, arrested  Nadella Srinivas Rao, the main accused in a large-scale investment scam that defrauded 360 people of Rs 75 crore.

According to the victims, the accused was a resident of Gajuwaka and claimed to operate an office called Angel Broking. He convinced victims that he had been running a successful online trading business for the past seven years.

He lured victims by promising high returns through various investment schemes, including daily profits and double returns within 50 days. He built trust among them by initially delivering small profits before disappearing with larger amounts.

According to the reports, one of the victims, after receiving initial returns, invested an additional Rs 10 lakh through his spouse’s account. Rao provided a cheque and promissory note as false security and ran away with the money.

Similar complaints emerged from multiple victims across Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, and Punjab.

The accused also created a WhatsApp group, NSR Traders Deal Shekher, to attract investors, using social media to spread his fraudulent schemes. Visakhapatnam police investigation revealed that in this investment scam, Rao had defrauded 360 people with approximately Rs 75 crore.

Under the supervision of Visakhapatnam Police Commissioner Shanka Brata Bhagchi, strict action was taken under the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019 and IPC section 420 (cheating) the accused was taken under custody at RK Hospital Junction.

Visakhapatnam police have urged the public to avoid falling for quick-money schemes and to verify the legitimacy of investment opportunities. Citizens are encouraged to report suspicious activities to the police or call the complaint number 7995095799.

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