Karimnagar: The Karimnagar police arrested four individuals on Thursday for their involvement in a large-scale fraud linked to a fake online trading company called Meta Found.
Police Commissioner Gouse Alam revealed that the mastermind behind the scam, Varala Lokeshwar Rao from Hyderabad, promised investors that their money would triple through his online trading scheme. To operate in Karimnagar, he partnered with local residents: Boora Sridhar (55), Tulasi Prakash (56), Dasari Ramesh (59), and Dasari Raju (39).
The gang cheated eight victims out of approximately Rs54.65 lakh. The money was collected at Sri Rama Timber Depot, where victims were also issued fake IDs to lend credibility to the fraudulent scheme.
While the four accused have been taken into judicial custody, Lokeshwar Rao remains absconding, and police have launched a manhunt to apprehend him.
Commissioner Alam warned the public against falling prey to offers promising triple returns and fraudulent online trading platforms.
The swift action was credited to the Central Crime Station (CCS) team led by Inspector R. Prakash, along with Sub-Inspectors T. Tirupati and N. Ramesh, Head Constable Hasan, and Constables Anila and Khalifa for cracking the case promptly.
