The Annamayya district police have arrested nine persons from 9FX Global Trading Company for their alleged involvement in a financial fraud to the tune of ₹170 crore.
The company allegedly collected the sum from 1,750 investors from across Rayachoti, Tirupati and Nellore through 302 agents by promising to double the investment in 20 months. The depositors included top police personnel, government officials and teachers.
The alleged fraud came to light after a person lodged a complaint with the Rayachoti police. The arrested have been identified as Rajesh, Tirupal Reddy, Subba Reddy of Rayachoti, Rasool Sahib, Yogananda Chowdary and Anil Kumar of Tirupati. The police have launched an investigation into the case.
