Hyderabad businessman behind record Ganesh Laddu bid booked in ₹3.45 crore investment fraud

Hyderabad, August 7(PMI): A businessman who recently grabbed headlines after placing a record ₹51 lakh bid for the Ganesh Laddu during the My Home Bhooja Ganesh celebrations has now been booked in an alleged ₹3.45 crore investment fraud by the Cyberabad Economic Offences Wing (EOW).

According to the police, K Ganesh and his associate B Kiran allegedly lured investors by promising 6 per cent monthly returns on investments in their business ventures. Trusting the assurances, several residents and acquaintances invested substantial sums of money with the duo.

Investigators said the accused allegedly collected around ₹3.45 crore from five investors. However, after receiving the funds, they reportedly failed to pay the promised monthly returns.

When the investors repeatedly attempted to contact the accused to recover their money, they allegedly discovered that both Ganesh and Kiran had vacated their residences and were no longer reachable.

Based on complaints lodged by the victims, the Cyberabad EOW registered a case and launched an investigation into the alleged fraud.

Officials are now tracing the flow of funds to determine how the money was utilised and whether additional investors were similarly cheated through the alleged investment scheme. Further investigation is underway. (pressmediaofindia. com)

Keywords: Hyderabad, Cyberabad EOW, K Ganesh, B Kiran, Investment Fraud, Ganesh Laddu, My Home Bhooja, Ponzi Scheme, Financial Fraud, Crime News

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