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A software engineer was arrested by the Economic Offences Wing (EOW) of the Cyberabad police on Saturday for defrauding people on the pretext of providing gold at a price lower than the market rate.
Ganta Sreedhar, 40, working as a software professional at a company in Madhapur, established a company and spread the word claiming he was selling gold at lower rates.
A resident of Kondapur, and native of Tirupati in Andhra Pradesh, he conned 13 people, including his colleagues, of ₹6.12 crore, police said. His wife, Malathy Ganta, too supported him.
“The deceit orchestrated by these individuals was multi-layered, involving the showcasing of properties they did not own, the issuance of cheques were bounced, and then he abruptly vacated his residence, thus defrauding the victims,” the First Information report (FIR) read.
The case has been filed under Sections 406 (Criminal breach of trust) and 420 (Cheating and dishonestly inducing delivery of property) of the Indian Penal Code (IPC) and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999.
