SIT to probe Rs 300 crore Advaika scam
'The accused allegedly collected more than Rs 300 crore from the gullible public, luring them with promises of higher returns. The team has already gathered crucial information related to the money transactions and seized some properties of the accused,' the CP added.
The massive fraud came to light in June after several investors lodged complaints. Preliminary probe found the prime accused, Tadepalli Venkata Aditya, along with associates, lured investors with offers of 6% monthly returns, Rs 6,000 per Rs 1 lakh invested, without Reserve Bank of India (RBI) authorisation. The schemes had been running since 2022, police said, but collapsed without repaying the investors.
The SIT will be monitored by DCP K Thirumalaswara Reddy, with Central Zone ACP Damodhar as investigation officer.
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