HYDERABAD: The Hyderabad Central Crime Station (CCS) has registered a case against two senior BJP functionaries over an alleged investment fraud linked to a gold trading scheme that reportedly collected around Rs 20 crore from investors.
According to the police, BJP state executive committee member Kosampudi Ravindra and BJP Khammam district president Nelluru Koteswara Rao are among those named in the case. They are accused of promoting investment opportunities in a private firm, Siri Gold Merchants Private Limited, Uppal on the outskirts of Hyderabad.
The case was registered following a complaint from an investor who alleged that the accused induced people to invest money by projecting the company as a gold-based business venture offering high daily returns. The complaint stated that investments began from as little as Rs 15,000 per person and were mobilised from thousands of individuals over a period of time.
Investigators said the scheme was promoted through brochures and publicity material that highlighted gold trading as a secure and profitable option. The complainant alleged that women were a specific target group, with promoters appealing to their interest in gold and financial security. Homemakers and unemployed youth were also reportedly encouraged to invest by promising income that could range from Rs 5,000 to Rs 50,000 per day.
The promoters allegedly claimed that the company would establish gold shops and related business units, which would generate steady profits for investors. However, the complainant stated that neither the promised returns were paid nor were any gold outlets set up as projected. When investors sought explanations or refunds, there was reportedly no response from those associated with the scheme.
Based on the complaint, CCS police registered a case under Sections 316(2) and 318(4), read with Section 3(5) of the BNS. Police officials said the provisions relate to cheating and criminal breach of trust involving multiple victims.