Five held in investment fraud case

The Karimnagar Two-Town police, in coordination with Central Crime Station (CCS), arrested five persons allegedly involved in an alleged investment fraud racket that cheated people in the erstwhile undivided Karimnagar district and elsewhere.

The accused allegedly collected large sums of money by promising returns through monthly investment plans, real estate and fixed-deposit schemes and hotel vacation packages, police said.

The arrested were identified as Gudipati Gandhi and M. Kariyappa and U. Sangappa of Hyderabad, Komire Bhuma Goud of Nizamabad and Ramesh of Peddapalli district. They allegedly worked as agents and regional in-charges of the racket.

According to the police, the prime accused, Raj Kumar Kailash Rai of Unique Mercantile India Private Limited, was recently arrested by the Adilabad district police. Further investigation is underway to trace financial transactions and establish whether others were involved.