Police arrest suspects in major Indian financial fraud cases

Police in India have arrested several individuals in connection with two separate large-scale financial fraud schemes.

In Hyderabad, KPHB police arrested Ramana Reddy following allegations that he and his wife, Seethamma, defrauded approximately 50 people of Rs 60 crore through chit fund schemes. Victims reported that the couple, who had lived in the HMT Hills area for 20 years, gained their trust before vacating their residence. While Ramana Reddy is in custody, a lookout notice has been issued for Seethamma, who is believed to be in the United States.

In Bengaluru, Hoskote police arrested five individuals, including a mastermind identified as Shashikumar, for an alleged real estate scam. The group reportedly promised investors that a Rs 10 lakh investment would yield properties worth Rs 1 crore. Shashikumar allegedly targeted financially stable individuals by claiming access to benami properties. The accused reportedly used the funds to purchase land and vehicles and allegedly used bouncers to threaten victims who requested refunds.