ASP Devarakonda Mounica addressing the media about the arrests.
| Photo Credit: By Arrangement
The Nalgonda district police have arrested five more agents of Ramavat Balaji Naik, the prime accused in a massive financial fraud in which hundreds of people were duped of nearly ₹68.47 crore through false promises of high-interest returns.
The arrested have been identified as Ramavat Chiranjeevi, 35, a photographer, Ramesh Nayak, 35, a businessman, Ramavat Suresh Nayak, 35, a businessman, Mahesh, and Ramavat Vinod, 29, a DJ operator.
All are residents of Palugutanda village in Vaddipatla, P.A. Palli mandal, Nalgonda.
ASP Devarakonda Mounica, said that after the arrest of Balaji Naik, police had also apprehended his first agent, Abhishek, from whom assets worth ₹7.5 crore were recovered. “Today, with the arrest of these four more agents, we have recovered ₹6.77 crore worth of properties,” she said.
She further revealed that a total of 254 victims have so far come forward, reporting that they were cheated of ₹68,47,44,000. “We have identified and secured properties worth ₹20 crore, which will be attached through the court shortly,” the officer added.
Police said the accused, along with Balaji Naik, had floated a fake software company through which they attracted investors with promises of extravagant interest rates. By flaunting luxury cars, gold, and expensive phones, they convinced villagers that similar riches awaited them if they invested.
The agents were responsible for collecting funds from depositors, offering initial monthly interest to maintain credibility before the operation collapsed. Cases have been registered at Gudipalli police station under Sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita (BNS) and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act, 1999.
ASP Mounica urged people to remain vigilant and avoid falling prey to high-interest schemes. “No victim should take wrong decisions under pressure or rely on middlemen. Those affected should contact Gudipalli police with their documents to facilitate the legal process,” she said.
Published – October 17, 2025 11:44 pm IST
