NRI Software Engineer Defrauded of ₹10.3 Crore in Elaborate Hyderabad Casino Scam
A 57-year-old non-resident Indian software engineer, who has been working in the United States since 1997, has become the victim of a sophisticated fraud scheme during his annual visit to Hyderabad, losing a staggering ₹10.3 crore in what police describe as an orchestrated casino investment scam.
The Deceptive Introduction and False Promises
According to the complaint filed with Hyderabad's Central Crime Station police, the victim, identified as K Karunakar Reddy from Vijaynagar Colony, was introduced during his 2021 visit to Hyderabad to a couple—Mani Nagamani and Mani Vara Prasad—through two acquaintances, M Venkateshwarlu Nayak and P Srisailam.
"After gaining my trust through the introduction, the couple hatched a plan to cheat me," the complainant stated in his police report. "They repeatedly approached me asking to invest money in their casino commercial business. They assured high profits and guaranteed returns."
The Investment Timeline and Fabricated Documentation
Trusting their assurances, Karunakar agreed to invest in the proposed venture. Between December 2021 and November 2022, he transferred the enormous sum of over ₹10.3 crore to the accused.
To further cement his trust, the accused executed what appeared to be legitimate documentation. "To gain my trust, they executed a casino commercial business agreement in my wife, Pallavi's, name on February 2, 2022," Karunakar revealed in his complaint.
The Evasion and Police Intervention
However, after receiving the substantial funds, the couple allegedly began systematically evading him. Whenever he sought details about the business operations, profit statements, or repayment schedules, they either avoided responding entirely or provided misleading explanations designed to stall further inquiries.
With the accused refusing to return his money despite repeated requests, Karunakar approached the Hyderabad police seeking legal recourse. Based on his detailed complaint, the Central Crime Station registered a formal case on March 18 against all four individuals involved.
Legal Framework and Investigation Status
The case has been registered under Section 318(4) of the Bharatiya Nyaya Sanhita (cheating and dishonestly inducing delivery of property) read with Section 61(2) (criminal conspiracy).
A CCS official involved in the investigation stated, "We are currently collecting comprehensive details about the monetary transactions between the complainant and the accused. Based on the preliminary probe findings, appropriate legal action will be initiated against all parties involved in this elaborate fraud scheme."
The case highlights the vulnerabilities faced by NRIs during visits to their home country and underscores the importance of thorough due diligence before making substantial financial commitments, even when dealing with seemingly trustworthy acquaintances.
