Hyd bank director among 2 held for investment fraud

Dupes man from city of over Rs 83 lakh; transfers money overseas

Officials of the city cyber crime cell arrested two individuals from Telangana for their involvement in a major investment fraud in which an Ahmedabad-based victim lost Rs 83,56,959. The accused, Swami Ayyappa Naravula Apparav (42) and Venketeshvarlu alias Venki Dhanunjya Samudrakala (52), were arrested after an extensive investigation.

Venketeshvarlu, who is also the director of Padmavati Co-operative Urban Bank Ltd in Hyderabad, has been implicated in using over 100 bank accounts for cybercrime activities over the years. Swami Ayyappa is currently lodged in Sabarmati jail in another case.