The Economic Offences Wing (EOW) of hyberabad has exposed a large-scale investment fraud involving 12 Wealth Capital Services Pvt. Ltd. The company, which promised high returns on investments, has been accused of deceiving thousands of investors across the region. The scam, which spanned several months, has raised concerns about the safety of funds invested in such schemes.
In a major breakthrough, Kalidindi Pavan Kumar, the managing director of the company, was arrested alongside seven other individuals linked to the scam. The arrested accomplices include Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika, and Kurkula Lavanya. These individuals are believed to have played key roles in running fraudulent investment schemes under the guise of lucrative returns to the public.
The scam was initially uncovered when several victims came forward with complaints about their investments being misused by the company. After a detailed investigation, EOW officials found that the company had lured investors with promises of significant profits, only to fail in returning the expected amounts. The funds raised through this fraudulent operation were reportedly funneled through multiple channels, making it difficult to track the full extent of the damage.
EOW officials have expressed their commitment to continuing the investigation and expanding their search to uncover further details about the scam. Authorities are working on identifying more individuals involved in the fraud and ensuring that the perpetrators face appropriate legal consequences.
