A high-profile case of financial fraud has emerged from the Gachibowli area in Hyderabad, where businessman Kondapalli Ganesh has been booked for allegedly defrauding investors of ₹3.45 crore. The Cyberabad Economic Offences Wing registered a case following formal complaints from affected residents. Ganesh, who previously made headlines by purchasing a ceremonial Ganesh Ladoo for ₹51.07 lakh, enticed neighbors and retired individuals with promises of a guaranteed 6 percent monthly return on investments in real estate and liquor ventures.
Building Trust Through High-Value Festive Auctions
Investigation details reveal that Kondapalli Ganesh orchestrated a calculated strategy to project himself as a wealthy and successful entrepreneur within his residential complex, My Home Bhooja Apartments. In 2024, he acquired the auctioned Ganesh Ladoo at the complex for ₹29 lakh. He further solidified his affluent image in 2025 by placing a record-breaking bid of ₹51.07 lakh for the same ceremonial prasadam. Following the auction victory, he distributed the entire Ladoo among fellow residents, earning widespread trust and establishing an image of financial prosperity.
Promising 6 Percent Monthly Returns on Business Ventures
Leveraging the goodwill and prestige generated from these auction wins, Ganesh persuaded neighbors to deposit funds into his business operations. He claimed that his commercial interests spanned across lucrative sectors, specifically real estate and the liquor trade. To assure potential investors, he promised a fixed monthly return rate of 6 percent along with quarterly profit-sharing arrangements. Enticed by the lucrative terms, several residents, including retired employees, handed over their lifelong savings to him.
Defrauding Five Investors of ₹3.45 Crore Before Absconding
According to the police complaint, Kondapalli Ganesh and his associate Boinpally Kiran collected a combined total of ₹3.45 crore from at least five individuals. Among the victims, Sylvia Srinivas Reddy filed a police complaint stating that her family invested ₹11 lakh in the scheme. Other prominent victims who handed over substantial sums include Botsa Appala Naidu and C. Srikrupa. While Ganesh initially reassured investors about timely payouts, he soon began postponing payments. In April this year, he vacated his flat and commercial office overnight and absconded.
Cyberabad EOW Examines Financial Transactions and Location
Following the complaints, the Cyberabad Economic Offences Wing initiated a comprehensive investigation into the financial trail. Law enforcement officials are scrutinizing all bank accounts and monetary transactions associated with Ganesh to track the movement of funds. The investigation is also exploring whether additional victims in other residential societies were targeted using similar investment schemes. Police teams are currently making active efforts to trace the whereabouts of Kondapalli Ganesh and locate his current position.
Rising Concerns Over Private Investment Risks in Gated Communities
The incident has sparked concern among residents of luxury gated communities regarding unverified financial schemes. Police officials noted that the accused systematically manipulated social and religious goodwill to gain trust before executing the fraud. Cyberabad police have advised citizens to conduct thorough background checks and verify legal credentials before investing in any private business proposals promising unusually high returns.
