Police arrest gang of eight for swindling huge sums;

These accused used to lie they would convert black to white money

In May, they duped a woman of Rs 4 crore

The city police have registered an FIR against eight individuals, including Nageshwar Rao, Sujarita, and Kalpana, for allegedly duping multiple people of crores of rupees. The group, which included retired bank managers and several women, was involved in a sophisticated scam where they posed as officials from the Reserve Bank of India (RBI) and the Enforcement Directorate (ED).

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According to police reports, the gang’s modus operandi involved convincing victims that they could convert black money into white. They persuaded their targets to invest significant sums, claiming that substantial losses were incurred in the process. To lure the victims further, they promised enormous returns, including gold and silver, once the conversion was successful.

In May, the group swindled a woman named Jyoti out of Rs 4 crore, sparking an investigation after she lodged a complaint. As news of the scam spread, several other victims came forward, revealing the full extent of the fraudulent operations.

The police have since arrested all the accused and are conducting intensive interrogations. The authorities are also exploring the involvement of other potential accomplices in the scam, which has shaken the confidence of many in the community. Further investigations are underway to recover the defrauded funds and bring all responsible parties to justice.