The Economic Offences Wing (EOW) of the Hyderabad Police arrested Kandula Srinivasa Rao, the managing director of Well Vision Group of Companies, on Tuesday for allegedly defrauding over 200 investors of approximately Rs14 crore. He was arrested from his office at KPHB Colony.
A case was registered under the Telangana Protection of Depositors of Financial Establishments Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS), naming Srinivasa Rao as the main accused. Several other individuals associated with the company, including marketing managers and accountants, are also under investigation.
Police reports reveal that Rao had launched four different investment schemes, each promising substantial returns. Under the schemes, investors were offered returns as high as 200% on their investments. So far, 35 investors have come forward, reporting losses.
Hyberabad Deputy Police Commissioner (DCP), K. Prasad, stated that the police have registered a case under sections 318(4), 316(2), and 61(2) of the BNS, as well as Section 5 of the Telangana Protection of Depositors of Financial Establishments Act.
The Hyberabad Police have urged the public to be cautious about such fraudulent investment offers and recommended conducting thorough background checks before proceeding with any investment plans.
