Two arrested for duping 3k investors of 230 cr
The two accused — G Venugopal, a resident of Manikonda and director of AV Solutions, and Shreyas Paul, an employee of the firm — were arrested on Tuesday by Economic Offences Wing (EOW) of Cyberabad police.
Investigators said the accused promised a return of 7% every month using an AI-based prediction tool, which actually was a fake claim. "They designed fake dashboards displaying fabricated profit," police said.
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They collected 850 crore from investors but returned only 618 crore. The accused misappropriated the remaining 232 crore. The accused started the scheme in 2021. Using mule accounts, they collected money and later diverted money into real estate, purchase of gold and luxury vehicles.
The accused also operated money laundering channels with operations in Dubai. Venugopal opened four companies — IIT Capital Technologies, AV Solutions, Srinivas Analytics and Trade Bulls Technology. "By creating eight different websites, the accused made false promises of steady monthly returns based on deceptive stock market prediction software," police said.
"The accused used proxy domain registrations with privacy shields to conceal ownership. Fake SEBI, NSE, and BSE registration numbers were used to gain credibility," investigators said.
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