Couple Remanded in Hyderabad in Alleged ₹23 Crore Investment Fraud Case

Overview

• CCS detectives and the Task Force arrested Vuppalapati Satish Kumar and Shilpa Banda in Dharwad on November 20 based on credible information.
• The accused were brought to Hyderabad on a transit warrant and produced before a court on Saturday for judicial remand.
• A September 18 complaint alleges the couple lured investors with promises of high returns and later defaulted, causing losses of about ₹23 crore.
• Investigators report the use of multiple shell companies to move deposits across entities, and the accused allegedly evaded arrest after the case was registered.
• Inspector C. Parasuram of EOW Team VI is investigating, and police cite the couple’s prior involvement in matters examined by the CBI, ED and GST authorities.