3,000 Duped in Hyderabad Double-Money Scam, Fraudsters Net Rs 232 Crore

Cyberabad police in Hyderabad have busted a fraud racket that duped over 3,000 people with promises of doubling their money. Police have arrested A.V. Solutions director Gaddam Venugopal and employee Shreyas Paul, both residents of Andhra Pradesh.

A case of fraud has come to light where over 3,000 people were duped under the guise of doubling their money. Police busted a large racket on Wednesday, arresting two fraudsters.

Cyberabad police arrested Gaddam Venugopal, director of A.V. Solutions and Srinivas Analytical Private Limited and a resident of Andhra Pradesh, and his employee, 55-year-old Shreyas Paul, from Hyderabad.

They are accused of defrauding 3,164 people across various states between 2022 and 2025 through stock market and other lucrative schemes.

They obtained ₹850.59 crore by making false promises of high returns, of which ₹618.23 crore was returned to investors as initial payouts. The fraudsters thus profited ₹232 crore.

Police stated that over 20 consultants, agents, technical developers, and website administrators were part of the fraudulent company.

They targeted people through fake companies like IIT Capital Technologies, AV Solutions, Srinivas Analytics Private Limited, and Trade Bulls Technology Private Limited.

False Credibility Created Through Premium Offices

Investigators revealed that the accused created false credibility by displaying fake SEBI, NSE, and BSE registrations, holding lavish investment seminars, and establishing premium offices.

They primarily targeted middle-class families, working professionals, and retirees, promising a 7% monthly return (84% annually) through AI-based predictions.

Fraud Money Deposited in 21 Bank Accounts

Police reported that the fraud money was deposited into 21 bank accounts and then invested in real estate, luxury cars, and gold. This fraud has devastated hundreds of families, with many falling into debt.

So far, police have seized luxury vehicles, electronic devices, financial documents, property papers, and a database of 3,164 victims.

It is believed that the accused destroyed several digital evidences and also threatened investors who tried to file complaints.

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Police urged the public to be wary of such investment platforms and advised investors to verify SEBI registration through official portals.

Fraud Against Senior Health Ministry Official

Delhi police officials reported on Wednesday that a senior official of the Union Health Ministry was defrauded of ₹27 lakh under the pretext of investing in the money market.

According to Delhi Police, the victim alleged that a person contacted him in July 2023, inducing him to transfer ₹27 lakh for investment in the money market with a promise of doubling the money within a year. An FIR has been registered in this case.