Vijayawada police have arrested three individuals in connection with a massive Rs353 crore investment scam operated through a company named UPIX Creations. The arrests follow complaints lodged on April 14 by residents of Narasaraopet, who alleged they were duped by false claims about the company’s work for Hollywood productions and promises of huge returns.
Police Commissioner SV Rajashekara Babu confirmed that the prime accused, Nidumolu Venkata Satya Lakshmi Kiran (33) from Vijayawada, was arrested along with two others, Mittapalli Rajendra Babu (63) and Mittapalli Rajeev Krishna (30) from Guntur district.
Authorities seized assets worth approximately Rs90 lakh, including 354 grams of gold, 21 kg of silver, a BMW car, a high-end motorcycle, and multiple computers. Bank accounts of the accused have been frozen, and properties valued at around Rs23 crore are under attachment proceedings.
Kiran established UPIX in 2014 and gradually expanded the business to employ about 70 people. By 2018, he and his associates began soliciting investments by promising to double the deposit amount within 12 months. Early returns were paid out to lure more investors, who were recruited through friends and relatives, often incentivized with commissions.
Initial complaints reported losses near Rs20 crore, but police investigations revealed a far larger scam involving about 183 victims from Narasaraopet, Guntur, and Vijayawada, with total deposits estimated at Rs353 crore. Approximately Rs194 crore has been diverted into the accused’s personal accounts.
Police investigations are ongoing to trace additional assets, uncover the full money trail, and identify any further accomplices. Victims are urged to visit Satyanarayanapuram police station with deposit proof to assist with the probe under the Depositors Protection Act.
