Hyderabad software engineers allege Rs 1.59 crore fraud over business investment

Two software professionals based in Hyderabad have approached the Central Crime Station (CCS) to report a significant financial fraud. The complainants, Repalli Achyuth from Begumpet and Pujari Lokesh from Sanathnagar, allege they were defrauded of Rs 1.59 crore under the guise of a lucrative business opportunity. The incident has raised concerns within the local community, as many individuals look toward various Hyderabad software startup companies for investment opportunities and professional growth.

According to the police complaint, the scheme was initiated by an individual named Machireddy Sai Venkata Manoj Kumar. The accused reportedly introduced the victims to a contact identified as Chirag, the CEO of Webcorps. Manoj Kumar claimed that his mother operated a company in Visakhapatnam that provided essential services, including security, labor, and laundry, to the pharmaceutical giant Aurobindo Pharma. He convinced the two engineers that investing in this venture would yield substantial profits.

Two software engineers lost Rs 1.59 crore to an investment scheme involving fake business promises.

To establish credibility, Manoj Kumar allegedly made initial payments to the victims, which he presented as returns on their investment. This move successfully gained their trust, leading them to invest a total of Rs 1.59 crore. However, when the engineers began demanding their promised returns, the accused reportedly started evading them and ceased all payments. The complainants have identified three individuals involved in the alleged scheme: Manoj Kumar, his wife Mounika, and Thani Nalini. They further stated that several other people may have been targeted by the same fraudulent operation.

Investigation into Hyderabad software startups

The Hyderabad CCS has officially registered a case based on these allegations and has launched a formal investigation into the matter. Authorities are currently reviewing the claims to determine the extent of the financial loss and the involvement of the named suspects. The case highlights the risks associated with private investment schemes that promise high returns without transparent verification of business operations.

Why it matters

This case serves as a warning for professionals and investors regarding the importance of due diligence before committing capital to private business ventures. It highlights the potential for financial exploitation even among those working in established sectors.

For residents in Hyderabad and the broader South Asian tech community, this investigation underscores the necessity of verifying the legitimacy of companies claiming to have contracts with major corporations like Aurobindo Pharma. The outcome of the police probe will be significant for those seeking justice and for others who may have been similarly affected by the alleged scheme.