The managing partner of a private firm in Bowenpally, Hyderabad, involved in the air-conditioning business, has been accused of defrauding six city investors of Rs 6.81 crore. The accused promised a 4% monthly return on investments to lure the victims. The Hyderabad Central Crime Station (CCS) police registered a criminal case on May 4 and initiated a probe into the matter.
According to the police, the complainant, S Vineela (40), a resident of Himayathnagar, alleged that I Jaya Sudha, managing partner of Global Cooling Solutions, along with associates Vijay Kumar and Rajesh, enticed her, her close friend, and relatives to invest substantial sums in the firm. The promise of high monthly profits was used to gain their trust.
Police stated that Jaya Sudha claimed her firm, located in Old Bowenpally, was engaged in the air-conditioning business. The complainant reported that Jaya Sudha, who knew her and her childhood friend V Archana, approached them in 2022. She persuaded them to invest in the business, offering a 4% return every month.
Investment Details
According to the complainant, Archana invested Rs 2.25 crore, while her husband, A Sharath, invested Rs 1.08 crore. Vineela invested Rs 1.23 crore, and her husband, S Prashant, invested Rs 73.5 lakh. Two family members, S Pradyumna and S Sheshasai, invested Rs 63 lakh and Rs 38 lakh, respectively. Their acquaintance, Harisha Reddy, invested Rs 50 lakh. All investments were made between 2022 and 2024, the complainant told police.
Vineela stated that after paying monthly returns initially for a few months to build confidence, the accused stopped the payments on various pretexts. By 2025, they allegedly became inaccessible. When we visited the office and residence of the main accused, both premises were found locked, Vineela alleged.
After waiting over a year and unsuccessfully attempting to contact the accused, the victims approached the CCS police on May 4. A case was registered against Global Cooling Solutions, with its office in Old Bowenpally, Jaya Sudha, and her associates Vijay Kumar and Rajesh. The charges include Section 420 (cheating) read with 120-B (criminal conspiracy) of the Indian Penal Code. No arrests have been made yet.
