KALABURAGI, 11 JULY

Ramu Akul, a man from Telangana, has been arrested for defrauding over 800 investors out of Rs 20 crore through an online trading scheme masquerading as a real estate business. Initially an Air Traffic Control employee, Akul shifted to Kalaburagi in 2019 after suffering losses in his prior business ventures.

Under the guise of his firm, Venus Enterprises, he lured investors with promises of returns between Rs 15,000 to Rs 20,000 for every Rs 1 lakh invested, as well as a 15 per cent commission for referring new members. However, the scheme was unsustainable, and as new investments dwindled, he was unable to meet his obligations.

Following numerous complaints, including one from Ullas Ashok, police apprehended Akul in Hyderabad. Investigations revealed he had also purchased six plots near the local jail and sought permission to start a nursery school. In addition to his businesses, authorities uncovered twelve bank accounts linked to Akul.

The Central Economic Narcotics (CEN) police have registered a case under the Bharatiya Nyaya Sanhita, and investigations are ongoing to assess the full extent of the fraud and potential recovery for affected investors.