A techie from Hyderabad named G Sreedhar was arrested by the Economic Offences Wing for scamming people out of Rs 6.12 crore by promising them returns on gold investments. Sreedhar, who is 40 years old and works in the software industry, is originally from Tirupati district in Andhra Pradesh.
He was charged under various sections of the Indian Penal Code and the Telangana Protection of Depositors of Financial Establishments Act 1999. The police took action after receiving a complaint from one of the victims who fell for Sreedhar’s scheme.
Sreedhar convinced 13 victims, including his colleagues, to invest in gold by promising high returns. He would offer gold at different prices based on the quantity being purchased and claimed that delivery would be made within 25 days. However, he never delivered the gold after receiving payments.
The investigation revealed that Sreedhar targeted his colleagues at OSI Digital, the software company where he worked. Many of them trusted him and wanted to invest in gold for better returns. The victims were introduced to Sreedhar at a family gathering, and he gained their trust over the years while working at the company.
