Hyderabad police arrested Vuppalapati Satish Kumar and Shilpa Banda for allegedly defrauding investors of Rs. 23 crores by promising high returns through a company. The couple had created multiple shell companies and fled, later apprehended in Karnataka.
Hyderabad: The Hyderabad CCS police on Saturday arrested a couple who had allegedly cheated several persons of crores of rupees on pretext of huge profits on investments in a company.
The arrested are Vuppalapati Satish Kumar and his wife Shilpa Banda.
According to the police, Satish and Shilpa had floated a company and lured people into making investments in the company and assured huge profits.
A doctor from the city believing them invested huge amounts of money in the company of Satish and Shilpa. After collecting money from the doctor and other investors, the couple went into hiding.
According to the police, the couple had established several shell companies and diverted the amount collected from the public into those companies. The police said the couple had duped the people to the tune of Rs. 23 crores.
A case was registered against them following a complaint made by the victims. A special team apprehended Satish and Shilpa, in Karnataka and brought them to the city.
