The One Town police in Visakhapatnam have remanded two individuals — Prem Sagar and Sadarama Shiva — for allegedly cheating a housewife in the name of a high-profit investment scheme and blackmailing her when she demanded repayment.
Based on the complaint, a case was registered under Section 318(4) BNS and Section 21 (1) (2) (3) of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019. Investigation is on.
One Town Circle Inspector Pudi Varaprasad said, “Kandregula Ramya Raju, wife of doctor K.V. Ram Kumar invested ₹1,97,82,400 between 2021 to 2023 with Prem Sagar after the accused’s father, a retired railway employee Sadarama Shiva, supported the claims that she would get returns of ₹1,02,86,160. Ms. Ramya Raju handed over 75 tolas of gold, which was pawned by the accused Prem Sagar via a gold agent Ananda Rao. When Ms. Ramya Raju demanded her money and gold back, Prem Sagar threatened and blackmailed her using personal chats on WhatsApp causing mental harrassment.” Investigation is on.