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2 clusters · 4 sources · 8 days · First seen · Last updated

Financial fraud investigations in India

Overview

Authorities in India have been addressing various large-scale financial fraud schemes across multiple cities.

In Hyderabad, police arrested Ramana Reddy for an alleged chit fund scam involving approximately 50 victims and Rs 60 crore. A lookout notice was issued for his wife, Seethamma, who is believed to be in the United States.

In Bengaluru, law enforcement has dealt with several distinct criminal activities. These include a real estate scam where a group led by Shashikumar allegedly promised massive returns on investments, and an impersonation scheme involving Sandeep Reddy, who reportedly posed as a retired Navy official to defraud tourists. Additionally, investigators are looking into a cybercrime incident where a technology professional lost Rs 1.9 crore through a fraudulent online trading platform known as ‘Proxtrend’.

Entities

Sandeep Reddy · Proxtrend Ltd · Ramana Reddy · Bengaluru · Hoskote police

Timeline

  1. [CRIME] 2 sources
    Bengaluru police investigate separate fraud and impersonation scams

    Police in Bengaluru are investigating two major fraud cases: an impersonation scam involving a fake Navy veteran and a Rs 1.9 crore online trading fraud initiated via Facebook advertisements.

  2. [CRIME] 2 sources
    Police arrest suspects in major Indian financial fraud cases

    Police in Hyderabad and Bengaluru have arrested multiple suspects involved in major financial scams involving chit funds and fraudulent real estate promises.

Sources

deccanchronicle.com · english.publictv.in · newindianexpress.com · newsable.asianetnews.com