Hyderabad: A 44-year-old man has been arrested by Cyberabad economic offences wing (EOW) police for allegedly defrauding investors of Rs 14 crore under the pretext of high-return investment schemes.

The accused has been identified as Kandula Srinivasa Rao from Eluru, West Godavari district, Andhra Pradesh.

According to reports, the accused established multiple firms under the name ‘Well Vision Group of Companies’ and lured people by promising substantial monthly returns on their investments. The accused operated from an office in KPHB Colony and convinced nearly 200 individuals to invest in his fraudulent schemes.

Rao introduced various plans, claiming to double investors’ money within months.

In one scheme, a Rs 1 lakh investment supposedly earned Rs 2,000 per day for 100 working days. Another promised Rs 20,000 per month for ten months on the same amount. Investors were also given options to buy land or home appliances with the assurance of a full refund in installments.

To gain investors’ trust, the accused provided post-dated cheques, lease deeds, and MoUs as security.

However, after a few initial payouts, the accused abruptly stopped payments and shut down operations, leaving victims to file a complaint.

So far, 35 individuals have filed a complaint.

Upon launching an investigation, the accused was arrested.

Further investigation is ongoing.