Latest news with #AVSolutions
New Indian Express
9 hours ago
- Business
- New Indian Express
Rs 232 crore investment fraud busted in Telangana
Mule accounts helped accused cheat A case was registered on July 29, following which the police arrested Gaddam Venugopal, Director of AV Solutions and Srinivas Analytics, along with Shreyas Paul, an employee of AV Solutions. The fraudulent companies identified include IIT Capital Technologies, AV Solutions, Srinivas Analytics, and Trade Bulls Technology. They employed more than 20 consultants, agents, and technical developers across major cities and operated multiple websites. The fraud was carried out through proxy domain registrations with privacy shields to conceal ownership and hosting on Amazon Web Services (AWS) to obscure operator identities. Fake SEBI, NSE, and BSE registration numbers were used to project credibility, and investment seminars were organised in Andhra Pradesh and Telangana. Police said the accused managed 21 mule bank accounts across ICICI, HDFC, Axis, Kotak Mahindra, and IndusInd banks, deploying layering techniques to camouflage fund flows. The illegal deposits were converted into real estate, gold, and luxury vehicles, while international laundering channels, including Dubai-based operations, were used. The accused also systematically deleted digital records, threatened victims who tried to complain, and shut down websites under regulatory scrutiny. A case has been registered and further investigation is on.
Hans India
15 hours ago
- Business
- Hans India
Cyberabad police arrest 2 for luring over 3,000 people in financial fraud
Hyderabad: The Cyberabad Police dismantled a large-scale organized financial fraud operation and arrested two persons of AV Solutions. The accused persons operated through advanced AI-powered investment platforms and Ponzi scheme tactics, luring investors with false promises of steady monthly returns based on deceptive stock market prediction software. They lured more than 3,000 individuals across multiple states. Police arrested Gaddam Venugopal, director, AV Solutions and Srinivas Analytical Pvt. Ltd. Native of Prakasam District, Andhra Pradesh and Shreyas Paul, working with AV Solutions native of Ballari, Karnataka State. The accused persons were arrested in Hyderabad on August 19. Police seized two top end cars, 11 laptops, 3 mobiles, backend trading access, 3,164 customer database, 14 cheque books, 30 promissory notes (Rs 3.37 cr), property papers, company seals, Flats at Manikonda & Happy Homes, benami transactions. According to police, the company was working with 20+ consultants and agents across major cities, technical developers and website administrators. A Muthyam Reddy, DCP Crime said that a total of 3,164 victims including 2,388 (AV solutions) and 776 (IIT Capital) across multiple states with total collections of Rs 850.59 Crores, and a fraudulent retention were Rs 232.36 Crores between 2022–2025 with 2-year dormancy. The primary companies include IIT Capital Technologies with fake registered address, Madhapur, AV Solutions – operated from Sri Nidhi Nest, Kondapur, Srinivas Analytics Pvt. Ltd. and Trade Bulls Technology Pvt. Ltd. The fraudulent websites were - and The DCP said that the company works under false credibility by projecting fake NISM/NSE/BSE certifications, and organized investment seminars in Andhra Pradesh and Telangana. They targeted middle-class families, retired individuals, and working professionals, operated a referral-based recruitment system and used psychological profiling of victims to exploit vulnerabilities. The company fraudulent investment operations with promised 7% monthly returns (84% annually) through fake AI-based predictions, designed fake dashboards displaying fabricated profits and adopted a Ponzi structure - of 20–30% for limited trading, 40–50% used to pay earlier investors and balance siphoned for personal gain.
Time of India
a day ago
- Business
- Time of India
Two arrested for duping 3k investors of 230 cr
Hyderabad: Cyberabad police arrested two persons who allegedly ran a Ponzi scheme and duped 3,164 investors across many states in India by promising high-return investment opportunities using AI. 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. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad 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. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
