HYDERABAD: The Economics Offences Wing (EOW) of Cyberabad police registered a case against Kondapalli Ganesh and others for allegedly duping several individuals of Rs 3.45 crore by promising high returns on investments.
It may be mentioned that Ganesh had bought the My Home Bhooja Ganesh laddu for Rs 29 lakh in an auction in 2024 and placed a record bid of Rs 51.77 lakh in 2025.
A 55-year-old resident of the complex in Gachibowli lodged the complaint with the EOW. She told police that Ganesh had introduced himself as a successful businessman involved in wine shops and real estate development.
During this period, Ganesh contacted the woman and her husband through fellow My Home Bhooja resident Boyinapalli Kiran. The two later visited the couple and persuaded them to invest in their ventures, promising 6% monthly returns, payable quarterly.
Trusting the promise, the couple invested Rs 31 lakh and signed an agreement on a Rs 100 non-judicial stamp paper in December 2025. However, when they sought the promised returns, Ganesh allegedly began avoiding their calls, assuring them that the money would be paid within a week or month. By the end of April 2026, he had left his residence and office.
The woman then made enquiries with other residents and their acquaintances and learnt that Ganesh, allegedly in collusion with Kiran, had similarly persuaded others to invest in his purported ventures. Five others had reportedly transferred Rs 3,14,95,080 to them.
Together, the six victims invested Rs 3,45,95,080 in the purported real estate and wine shop businesses. When Ganesh allegedly continued to evade repayment of the principal and promised returns, they approached the EOW.
A case has been registered.