Man held for duping people in name of investment trading

Director of a wealth management service was arrested today for allegedly cheating people to the tune of Rs 27 crore under the pretext of investment trading business, police said.
"Akula Sridhar and his wife Akula Chandana, who are directors of SVSC Wealth Management Services Pvt Ltd, along with other accused started trading business by taking franchisee and collected investment from clients sine 2014," police said.
While Sridhar was arrested, police are looking for other accused in the case.
According to investigators, Sridhar and Chandana and others started collecting amounts from over 300 clients towards the investment in different trading companies.

"Initially, they gave profits/returns to the clients as per their commitments, but, now they failed to keep their commitment," police said, adding the fraud is estimated to the tune of Rs 27 crore.
Police have seized the mutual agreement copies, executed by Chandana in favour of clients after receiving the investment amounts from them, and clients' ledger papers with two hard discs having data of transactions of SVSC.
According to police, Chandana not fully invested the investors' money in the share market trading business but used it for personal gains.
"In this matter she took the help of her husband Akula Sridhar, and other family members. In order to avoid the profits/returns and invested amount, they wound up the trading business by shutting down their office at Malakpet and escaped from their home. Efforts are on to arrest other absconding accused," it said.