Vijayawada cops unearth Rs 353-crore investment scam, three held
VIJAYAWADA: In a breakthrough, Vijayawada police have unearthed a massive investment fraud allegedly run through a fake animation company named Upix Creations and arrested three persons in connection with the scam on Saturday. The accused were found duping investors to the tune of nearly Rs 353 crore by promising high returns in one year.
Addressing a press conference, NTR District Commissioner of Police (CP) SV Rajashekhar Babu said that the complainants, Tripuramallu Srinivasa Rao and Kalavakollu Dilip Kumar from Narasaraopet, approached Satyanarayanapuram police, alleging that the accused lured them into investing in Upix Creations, claiming it was an international company providing animation work for Hollywood films and other animation companies.
Based on the complaint, Satyanarayanapuram police registered a case accusing cheating, criminal breach of trust, forgery, and criminal conspiracy under various sections of the law against the three accused, Nidumolu Venkata Satya Lakshmi Kiran (33) from Vijayawada, Mittapalli Rajendra Babu alias Raju (63) from Guntur district, and his son Mittapalli Rajeev Krishna (30).
A special investigation team (SIT) was immediately constituted, led by North ACP Dr Sravanthi Roy with four inspectors and technical staff.
Acting on credible intelligence, the SIT apprehended the main accused and two associates in Narasaraopet and Vijayawada.
During the raids, police seized 354 grams of gold jewellery, 21 kg of silver ornaments, a high-end car and a bike, computers, and froze multiple bank accounts.
In addition, movable and immovable assets worth approximately Rs 23 crore, linked to the accused, have been attached, CP Rajashekhar Babu explained. The CP revealed that the prime accused, Kiran, had established Upix Creations in Satyanarayanapuram in 2014, employing approximately 70 staff members.
In 2018, he teamed up with others, including Rajendra Babu, Rajeev Krishna, and their associates, and lured investors with false promises of huge returns. Initially, the company claimed that deposits of Rs 10 lakh for 12 months would double, and investments of Rs 1 crore would fetch equal returns within a year.
The accused created the illusion of profits to gain trust, later roping in relatives and friends to invest.
Commissions were paid to early investors to attract more deposits. Over time, 183 victims from Narasaraopet, Guntur, and Vijayawada invested nearly Rs 353 crore in the scheme.
By the end of 2024, the accused had allegedly siphoned off around Rs 194 crore into their accounts.
The Commissioner lauded the SIT team for cracking the high-profile scam and rewarded the officers and staff with cash incentives for their efforts. Further investigation is underway to trace additional assets and recover funds for the victims, the CP maintained.
Subsequently, the three accused were produced in court in Vijayawada, where the judge sent them to judicial remand for 14 days.