A couple involved in a Rs23 crore investment fraud in Hyderabad was arrested by the Karnataka police on November 20 and brought to Hyderabad on November 22.
The accused, Vuppalapati Satish Kumar and Shilpa Banda, were apprehended by the Dharwad police on the Hubballi-Dharwad bypass and handed over to the Central Crime Station (CCS) police in Hyderabad.
In September, CCS police received a complaint from 67-year-old Dr. P Vinay Kumar, a resident of Mamidipalli village, Ranga Reddy district, stating that the accused induced him, his family, and others to deposit money in their firm with promises of high returns. Initially, they paid small amounts as returns but later stopped all payments, defrauding victims of a total of Rs23 crore before fleeing the state.
The couple evaded arrest by moving across various locations and siphoning funds into shell companies. Acting on a tip from Hyderabad police, Dharwad authorities set up a checkpost on the Hubballi-Dharwad bypass and deployed heavy forces to apprehend them.
Both Vuppalapati Satish Kumar and Shilpa Banda have prior involvement in CBI, ED, and GST cases, highlighting a history of financial crimes.
