3 Held for Siphoning off Rs.30 Cr from Investors in Nagole

The Nagole police arrested three people for allegedly cheating the gullible people to the tune of Rs.30 crore in the name of investments.

 Nagole Inspector Mohammed Maqbool Jan said K Veerabhadra Rao (51) from Bandlaguda, along with his wife and associate Venkata Durgaprasad, rented a house in June 2024 in Cooperative Bank Colony in Nagole and started an office named “Veerabhadra Trading.”

They promised that anyone investing Rs.1 lakh in the company would receive Rs.10,000 per month as



interest, which attracted many people. In this process, about 290 customers invested up to Rs.30 crore, police said.

Initially, the accused paid interest to some people to build trust. However, in May 2025, after a cybercrime case was registered against Rao in Gurgaon, they faced financial difficulties. 

Under debt pressure, they repaid only Rs.15 crore out of Rs.30 crore and stopped payments of the remaining Rs.15 crore.

Realizing they had been cheated, the victims approached the police.