The Central Crime Station (CCS) Detective department arrested two alleged white collar offenders in connection with a ₹23 crore investment fraud case and brought them to Hyderabad on Saturday on a transit warrant.
The accused, identified as Vuppalapati Satish Kumar and his wife Shilpa Banda also known as Vuppalapati Shilpa Rao, were picked up from Dharwad in Karnataka on November 20 following what police described as a dramatic operation based on credible information.
According to the complaint filed on September 18 by P. Vinay Kumar, son of P. Shiva Shankar, 67, a resident of Mamidipalli in Ranga Reddy district, the couple allegedly persuaded him, his family members and several others to invest in their firm by promising attractive returns. Police said that after paying small initial amounts, the accused stopped making further payments and absconded, allegedly cheating investors to the tune of ₹23 crore.
Investigators said the couple, along with associates, floated multiple shell companies and diverted deposits into different entities. A case was subsequently registered under by CCS Hyderabad.
Since then, the accused allegedly evaded arrest and did not cooperate with the investigation.
Police said Satish Kumar and Shilpa Rao were previously involved in cases investigated by the CBI, the Enforcement Directorate and the GST authorities.
The operation was carried out under the supervision of DCP N Swetha of the CCS Detective Department. Officers from CCS and the Task Force jointly executed the arrests. Both accused were produced before a Hyderabad court on Saturday for judicial remand.
The case is being investigated by Inspector C. Parasuram of the EOW Team VI of CCS Hyderabad.
Published – November 22, 2025 11:54 pm IST
