Shankarpally police arrested G Sudhakar for allegedly cheating 48 investors of Rs 3.6 crore by promising attractive interest rates and high returns. Police said he collected money with his wife and associates between 2021 and 2024 before absconding.
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Hyderabad: The Shankarpally police arrested a man on charges of cheating investors to the tune of Rs 3.6 crore on Friday.
Police said the suspect, G Sudhakar (50), along with his wife Lakshmi and associates, allegedly collected money between 2021 and 2024 by promising attractive interest rates and high returns. Investors reportedly contributed monthly amounts ranging from Rs 15,000 to Rs 30,000 or more.
A total of Rs 3.6 crore was allegedly collected from 48 investors, with the overall amount estimated at around Rs 4 crore.
Subsequently, Sudhakar went absconding in June 2024 without repaying the investors.
He was arrested and remanded in judicial custody.
