VIJAYAWADA: In a major breakthrough, the NTR District Police have arrested the main accused and three agents involved in the sensational Advika Trading and Marketing Company cheating case, which defrauded around 1,139 depositors of nearly Rs 140 crore.
On Tuesday, Vijayawada Police Commissioner SV Raja Sekhar Babu said the arrested persons include Tadepalli Venkata Aditya (A1), his wife Tadepalli Sujatha (A2), Gadamsetty Balakrishna Murthy, and Naga Lakshmi, wife of Bala Murali Krishna.
According to the police, Aditya and his wife, Sujatha, established Advika Trading Company in 2022 with an initial investment of Rs 15 lakh, conducting foreign exchange trading through a Dubai-based account named Cabana Trading. When profits failed to materialise, they began luring investors with false promises of 5% monthly returns and 3–4% commissions for agents. With the help of agents Balakrishna Murthy (A3) and Nagalakshmi Kumari (A4), they collected huge deposits from the public.
Between 2022 and 2024, a Vijayawada-based company collected over Rs 400 crore from about 1,450 investors, diverting funds to foreign forex platforms such as Cabana Trading and Multi Banking Forex. Promoter Aditya allegedly invested Rs 4 crore in real estate and gold under his and his wife’s names.
When the firm turned insolvent, he absconded, leaving depositors in distress. The scam caused Rs 144 crore in losses -Rs 135 crore from 1,150 depositors and Rs 9 crore from 25 agents.
Following a complaint at Machavaram Police Station on June 26, a case was booked under relevant BNS sections and the AP Depositors Act.
Police Commissioner SV Rajasekhar Babu formed ten teams under Crime DCP K Tirumaleswara Reddy and Central ACP K Damodara Rao.
Investigators examined bank records, digital evidence, and statements from over 1,300 victims, tracing properties worth Rs 100 crore. Acting on tip offs, police arrested Aditya, his wife Sujatha, and two agents at Sri Lakshmi Enclave Apartments in Vijayawada and seized Rs 23 lakh cash, 580 grams of gold, 8.3 kg of silver, Tata Safari and computers.