Hyderabad NRI Duped of ₹10 Crore in Fake Casino Investment Scam

A shocking financial fraud case has come to light involving a software professional from Hyderabad, who reportedly lost over ₹10 crore in an alleged investment scam linked to a fake casino business.

How the Fraud Unfolded

The victim, identified as K. Karunakara Reddy, originally from the Humayun Nagar area of Hyderabad and currently working in the United States, is said to have been approached by a couple during a visit to India in 2021.

The accused — Mani Varaprasad and his wife Mani Nagamani — were introduced to him through mutual contacts. They reportedly presented an investment opportunity in a casino venture and assured him of high returns.

Trusting their claims, Reddy transferred a total of ₹10.3 crore in several instalments over nearly a year, from December 2021 to November 2022.

No Business, No Returns

According to investigators, the promised casino project never took off. The accused allegedly failed to initiate any business activity and did not return the invested amount.

When Reddy later attempted to follow up, the couple reportedly began avoiding communication. In some instances, they are said to have responded in an uncooperative manner when confronted.

Complaint Filed, Case Registered

Realising he may have been defrauded, Reddy approached the Hyderabad Central Crime Station (CCS) and filed a formal complaint.

Based on his statement, the police registered a case and initiated an investigation into the matter.

More Individuals Under Scanner

During the course of the probe, authorities identified two additional individuals — Mudavat Venkateshwarlu Naik and Peddakurava Srisailam — who are suspected of assisting the main accused in executing the scheme.

Officials are currently examining financial transactions and gathering evidence to establish the full extent of the fraud.

Investigation Continues

The case remains under active investigation, with police working to trace the money trail and determine the involvement of all parties.

This incident serves as a reminder for investors to exercise caution, especially when dealing with high-return schemes that lack proper verification.

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