Couple Arrested for ₹2.14 Crore Toy Shop Scam in Cyberabad
Financial Scam Unfolds in Cyberabad, Couple Accused of Duping Over ₹2.14 Crore From Toy Shop Investment Scheme
A recent case in India’s Cyberabad region has exposed a massive financial fraud involving a couple who allegedly cheated over 20 individuals out of approximately ₹2.14 crore by promoting a supposedly lucrative toy shop investment scheme.
The scam, which demonstrates a classic pattern of financial deceit, involved promising unrealistically high returns, making initial payouts to build trust, and then vanishing with the collected funds.
According to Reports:
The accused, identified as Vadde Sri Priya and Ramakrishna, targeted potential investors through personal connections, touting the prospect of earning up to 10% returns within just 10 days from their alleged toy shop business in the Tirumala-Tirupati region.
One of the victims, Kandikonda Lavanya, initially invested ₹1 lakh and received partial returns, which encouraged her to invest larger sums in multiple installments. However, subsequent payments became irregular, and a substantial portion of her investment remained unpaid.
Investigation Finds No Verifiable Evidence:
As investigators examine financial records, bank transactions, and digital communications, officials suspect that the operation was fraudulent from its inception, with no verifiable evidence of any legitimate business or investment activity found so far.
The case highlights the importance of due diligence and caution when dealing with investment opportunities, particularly those promising unusually high returns.
Digital Arrest Scam Targets 72-Year-Old Retired Teacher:
In a separate incident, a 72-year-old retired teacher fell victim to a “digital arrest” scam, where she was coerced into transferring ₹25 lakh after receiving calls from individuals posing as Anti-Terrorism Squad (ATS) officials.
The perpetrators claimed that her Aadhaar details were linked to a terrorism funding case and threatened her with severe legal consequences if she did not comply.
The victim was kept under constant surveillance via video and calls before finally realizing the deception and approaching cybercrime authorities.
The probe continues, with authorities examining digital devices, call records, and bank accounts linked to the accused, and more victims and suspects may come forward as the investigation unfolds.