HYDERABAD: A former sub-inspector of police in the city, along with his Home Guard friend and two associates, was arrested on Friday on charges of cheating innocent public to the tune of `3.90 crore by promising them high returns on their investments.
The fraud by Sriram Chinna Gopalakrishna (37) of Kothapet came to light when a farmer from Suryapet district lodged a complaint with the Chaitanyapuri police alleging cheating. The police registered a case under Sections 420, 406, 506, 120 (B) of IPC and Sections 3 and 4 of Money Laundering Act against Gopalakrishna and conducted a probe. The probe revealed the involvement of 16 persons, including relatives and friends of Gopalakrishna, in the fraud.
Rachakonda police joint commissioner Tarun Joshi said that Gopalakrishna, who had worked as a police constable (Civil - No.3829) in 2006 at Malkajgiri police station, was selected as a sub-inspector of police (civil) in 2009. While working as a probationary SI at Mangalhat police station in Hyderabad police commissionerate in 2012, he was terminated from service for involving in malpractices in the SI entrance examinations and was arrested by the CID.
In 2013 he launched a finance business with an investment of `5 lakh, which he borrowed from his father, but he ran into losses within a year. Then he floated ‘Tanvi Creations’, an online media and advertising company, at Kothapet. In 2016 he set up Shivam Enterprises. He collected huge amounts of money as investments from various persons making them believe that he was doing liquor business, and promised high returns.
Initially, he gave returns to some investors and slowly stopped paying the.
A majority of his victims are farmers, students, petty business people, employees and software engineers. About 20 of them approached the Chaitanyapuri police and lodged complaints.