The Telangana Cyber Security Bureau (TGCSB) has arrested Rampilra Kondar Rao and his brother Rampilra Chandrasekhar Azad, both directors of Ricky Software Tech Pvt. Ltd., in connection with a Rs5.4 crore investment scam. The arrest took place in Vijayawada on Saturday after a comprehensive investigation tracked their illicit activities.
The scam came to light when officials discovered a Rs3.47 crore transaction linked to a current account operated by the suspects at Cosmos Cooperative Bank. The investigation revealed that the suspects had been involved in similar fraudulent activities across the country, with at least 26 similar complaints filed against their bank accounts in various states.
The arrest was prompted by a complaint filed by a victim from Chikkadpally who had fallen prey to the scam after being contacted via WhatsApp. The victim was convinced by a fraudster claiming to be associated with Goldman Sachs, who promised lucrative returns from an upcoming IPO in India. The victim, hoping to clear a significant Rs8.5 crore debt on his charitable trust in Kerala, invested Rs5.4 crore between July 24 and July 25. However, the promised returns never materialized, and the victim eventually realized he had been defrauded.
