Nalgonda SP Sharat Chandra Pawar, Devarakonda Asp P. Mournik and others during the press briefing case on Saturday. | Photo Credit: By Agreement
Days after the residents attacked his home, the Police of the Nalgonda district encountered 26 -year -old youth accused of cheating hundreds of people by collecting about 50 GBP Crore through agents under the guise of high -interest revenues.
Participated, identified as Ramavat Balaji Nayak, the inhabitants of Palugu Thanda in the village of Vaddi Patla
He was booked in three separate cases according to sections 316 (2) and 318 (4) (4) Bharatiya Nyaya Sanhita and Section 5 of the Depositors of Deposits of Financial Facilities in the 1999, registered at the Gudipall Police Station.
Nalgonda SP Sharat Chandra Pawar said he initially borrowed 5 ₹ Lakh from his relatives in 2019 to start the ice cream salon in 2020, but suffered losses. “Later he turned to the property and began to borrow money from the locals with a promise of an unusually high monthly interest rate up to 10 GBP for 100 GBP,” he said.
SP said he first repaid premature investors to build confidence and then accept agents, mostly relatives and acquaintances who gathered deposits from Punagandi, Gaddamidi, Chinthal, Vakkalapet and Pavraral Gattu. “He regularly issued bills of exchange and paid interest to gain credibility. However, over time, around 50 Crore, which he used to buy expensive cars, villas and landing in Mialagud, Hayatnagar, Nerreduchel, Thand and Damarachal,” he added.
Balaji also invested about 2.3 GBP Crore in the winery permit, stock market (futures and options) and software companies, but suffered heavy losses. When his financial network collapsed, he stopped paying investors and fled when the victims began to demand their money back.
106 victims
Police confiscated two SUVs worth 80 lacquers, real estate documents, 36 bills, 77 empty bills, seven mobile phones worth 5.5 Lakh, registers and Excel sheet containing transactions records. Investigators have so far identified 106 victims.
Mr. Pawar said that special teams led by other SP are monitoring Benami assets to raise the victims of the victims through court proceedings. He urged the victims not to act in a hurry or rely on the middlemen, and instead proceeded to the police Gudipalli directly with documents to register complaints.
Published – October 11, 2025 20:35
