Hyderabad: The Economic Offences Wing of Hyderabad CCS arrested a fake DSP fraud accused who had allegedly remained absconding since 2021 after cheating investors.
Police identified the accused as Konduru Reddy Venkat Raju, 40, also known as KVP Raju and “DSP Raju.” He hailed from Rayachoti in Andhra Pradesh’s Annamayya district.
According to police, Raju belonged to a gang that targeted people across Telangana and Andhra Pradesh. The members allegedly posed as senior police officers to gain the confidence of potential victims.
Raju allegedly posed as a Deputy Superintendent of Police from Tirupati district. Police accused the gang of promising high returns within short periods through investments in non-existent companies.
Fake DSP fraud involved forged documents
Investigators said the gang offered forged property documents and post-dated cheques as security for investments. The suspects allegedly used these documents to convince victims that their money remained protected.
However, the gang failed to return the money within the promised period, police said. When victims confronted them, the accused allegedly intimidated them by claiming to be “encounter specialists.”
Police registered the case after receiving a complaint from a victim who allegedly lost ₹1.20 crore. CCS Police registered Crime No. 192/2021 under Sections 406, 420 and 170 read with Section 34 of the Indian Penal Code.
Officials said Raju had remained absconding since 2021 in connection with the case. Police said three criminal cases had previously been registered against KVP Raju.
The EOW operation took place under the leadership of the Hyderabad CCS Deputy Commissioner of Police. ACP K. Kiran of EOW Team-V supervised the investigation.
Sub-Inspector G. Anil Kumar and his team apprehended Raju. Police subsequently produced the accused before a court. The court remanded him to judicial custody.
Following the arrest, the Hyderabad CCS DCP cautioned people against investment offers promising unusually high returns.
The officer urged citizens to avoid investing their hard-earned money merely on the basis of promises or promotional claims. Police advised the public to exercise caution before committing funds to investment schemes.