HYDERABAD: A retired additional SP identified as B Janardhan Reddy, 81, was duped of Rs 14.70 Crore by a conman identified as Rakesh Manyam and his associates on the pretext of investments in real estate ventures. The accused collected the amounts on different occasions from Janardhan Reddy, his family members, and relatives during the past 15 months.Initially, Narsingi police of Cyberabad registered a case and transferred the same to Central Crime Station (CCS), Hyderabad on the point of jurisdiction.
Police said Janardhan Reddy knew Rakesh and his family through common friends since February 2023. Rakesh induced him into the real estate business, promising high returns. He collected huge amounts of money from Reddy and others in the name of investments in real estate.
Rakesh and his associates frequently visited Reddy’s residence in Gandipet, explaining to them different investment schemes. However, he did not pay any returns to Reddy. After pursuing several times, he gave two cheques towards the payment. After this, he left the city on July 10, informing that his sister had died. But he never returned and has been absconding since then.