Two get 10-year RI for cheating 1,600 investors in Gudur

Vijayawada: The principal district and sessions court in Nellore on Friday convicted two persons in connection with a large-scale investment fraud case involving nearly 1,600 victims from Gudur and surrounding areas. The court sentenced the two accused, identified as Buruga Suman (43) of Chandanagar, Serlingampally, Ranga Reddy district, and Nakka Vamsy (50) of Ramachandrapuram, Medak district, Telangana, to 10 years of rigorous imprisonment and fined each Rs 75,000.According to the police, the two accused floated an entity named Help to Poor People International Trust (HPIT) with fraudulent intent. They allegedly collected Rs 11,000 each from approximately 1,600 individuals from Gudur Town, Sydapuram, Kalichedu, Rapuru, and nearby areas, promising substantial financial returns. After mobilising nearly Rs 1.76 crore, the accused misappropriated the funds and failed to honour their commitments, thereby cheating the investors.
Originally, the case was registered at Gudur I Town police station and pertained to offences under sections 120-B (criminal conspiracy), 406 (criminal breach of trust), and 420 (cheating) of the IPC, along with section 5 of the APPDFE Act, 1999. The case was later transferred to the CID's Economic Offences Wing (EOW) on Feb 16, 2012.On the occasion, CID DGP Dr A Ravi Shankar announced cash rewards for the investigating officers and staff in recognition of their efforts in securing conviction in the prolonged case. Get the latest lifestyle updates on Times of India, along with Valentine's day wishes, messages and gift idea !