Hyderabad: A 26-year-old man was arrested in Nalgonda on charges of defrauding hundreds of people to the tune of a whopping Rs 50 crore.

The Nalgonda police took Ramavat Balaji Nayak, a college dropout from Vaddi Patla village, into custody.

Giving details about the case during a press briefing, Nalgonda superintendent of police (SP), Sharat Chandra Pawar, said that Nayak borrowed Rs 5 lakh from his relatives to start an ice cream parlour. During the COVID-19 pandemic in 2020, he incurred losses and shifted to the real estate market. He began borrowing money from locals and promised them high monthly interest rates.

“Initially, Nayak repaid as promised and slowly began building trust. He recruited agents, mostly relatives and acquaintances, who collected deposits from residents of Putn

See Full Page