Hyderabad: The Economic Offences Wing (EOW) police of Cyberabad have arrested eight individuals connected to 12 Wealth Capital Services Pvt Ltd and other companies. These companies were accused of collecting deposits from people under the guise of schemes like the “buyback policy” and “double gold scheme,” but failed to return the invested money.
The arrested individuals include Kalidindi Pavan Kumar, the Managing Director of 12 Wealth Capital Services Pvt Ltd, along with his associates. The others involved are Ravula Sathyanarayana, Boddulu Harikrishna, Valluru Bhasker Reddy, Pagadala Ravi Kumar Reddy, Kollati Jyothi, Kuralla Mounika, and Kurkula Lavanya.
This action followed a complaint by Nayani Harikanta, a resident of KPHB. The case was registered under various sections, including U/S 316 (2), 318 (4), 61 (2) BNS, and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999, with the EOW.
The Cyberabad EOW police have urged the public to stay cautious and avoid falling prey to fraudulent schemes. They emphasized their commitment to prosecuting fraudsters and ensuring justice for victims.
