A massive financial fraud operating under the name 'Rocket Lab' has surfaced in Palnadu district, with hundreds of unsuspecting investors allegedly duped after being lured with promises of astronomical returns. The scam, reported largely from Narasaraopet and Chilakaluripet, has triggered panic among victims and prompted a major police investigation.
How the Fraud Operated
According to police, the accused persuaded people to invest amounts ranging from ₹3,000 to ₹11,000 with assurances that the money would eventually grow into returns of up to ₹25 crore in instalments. The fraudsters allegedly relied on aggressive publicity, word-of-mouth campaigns and local networks to gain the trust of villagers and lower-income groups.
Believing the promise of quick wealth, hundreds reportedly invested in the scheme. Investigators said at least 263 people from Narasaraopet alone put money into the racket, with many others from Chilakaluripet and nearby areas also falling prey. Overall, nearly 500 victims are suspected to have been cheated.
Systematic Operation
Police said the accused ran the operation in a systematic manner, opening offices at multiple locations and projecting it as a legitimate investment scheme. Victims alleged they were repeatedly assured that their investments would multiply into crores, with incentives offered for bringing in more investors.
Legal Action and Investigation
Based on a complaint filed by Kesanupalli Village Revenue Officer (VRO), police registered cases and launched an investigation. Cases have been booked against the main accused, Nagandla Venkat Rao of Gottipadu village in Chilakaluripet mandal, along with his son Vamsi, wife and personal assistant Neeraja.
Police registered cases at Narasaraopet Rural Police Station and other jurisdictions linked to the fraud. Officials suspect the network could be larger than initially estimated and are examining financial transactions, investor records, and the operations of offices linked to the accused.
Impact on Victims
The scam has caused widespread panic among victims, many of whom invested their life savings. Authorities urge the public to be cautious of schemes promising unrealistic returns and to verify the legitimacy of investment opportunities.
