The Economic Offences Wing (EOW) has arrested another key accused in the Shubhakshetra investment fraud case, in which investors were allegedly cheated with promises of high returns. The accused, Bandi Shivakumar, who had been absconding since the case was registered, was arrested in Nagole. He was later produced before a court and remanded to judicial custody, while police began further questioning.
Earlier, EOW had arrested two other accused, Ramakant Reddy and Ramavath Madhu, in connection with the same case. With Shivakumar’s arrest, the investigation has gained further momentum. Authorities are continuing to probe the financial transactions and the involvement of other suspects linked to the fraud.
According to police, the directors of Shubhakshetra Micro Finance allegedly collected crores of rupees from hundreds of investors across Telangana, Andhra Pradesh, and Karnataka by promising unusually high investment returns. After failing to repay the investors, victims approached the police. The case was registered based on complaints filed by around 40 victims from Patancheru, and the investigation remains ongoing.
