Bizman cheats investors of Rs 200 crore, lands in police net

CHITRADURGA: A 36-year-old businessman from Andhra Pradesh has landed in the net of Chitradurga police for duping thousands of persons of Rs 200 crore on the pretext of doubling their money in 60 days.
A forensic audit will reveal more information about the suspect and his modus operandi, police said.
The accused — Kode Ramanaiah from Kurnool — is the founder-director of Crowd Club International Pvt Ltd, established in Sept 2020.His wife Kode Savitri is its co-director. The firm is located in Kurnool. Police are yet to question Savitri, who is mother of two minors.
Ramanaiah had flown to Vietnam and was living there since Dec last year, after Chitradurga police registered a criminal case of cheating against him. Initially, a railway employee from Holalkere, Ramesh, had filed a complaint, alleging that Ramanaiah had cheated him of Rs 1 lakh on the pretext of doubling the money in 60 days. As investigation began, 105 more individuals from Chitradurga and other places contacted the cops, stating they too had invested with Ramanaiah. In all, 106 persons from Chitradurga and surrounding places had lost Rs 4.7 crore by investing with him.
Chitradurga superinten dent of police Dharmender Kumar Meena said, “We had issued a lookout notice against the accused and officials from Netaji Subhas Chandra Bose International Airport, Kolkata, contacted us earlier this month, stating that the accused had returned from Vietnam. A team of Chitra durga police left to Kolkata and, a fter completing the formalities, arrested him and took him into custody.”
“The accused has duped thousands of victims in Andhra Pradesh, Telangana, and Maharashtra. We raided his office in Kurnool and found huge volumes of documents showing deposits made by victims. Prima facia, we can say that at least Rs 210 crore has been accepted from thousands of people in the three states in the form of deposits. However, we have to subject the documents to a forensic audit for more accurate data,” he said.