Sacked SI takes to crime, defrauds people of `3.9 cr

■ Sriram Chinna Gopala Krishna (37) had been operating a racket with 16 others since 2013.

■ When Gopala Krishna was released from prison, he started a finance business.

A former Sub-Inspector, whose services were terminated for indulging in malpractices during the entrance examination, started a business and looted gullible victims to the tune of Rs 3.9 crore under the guise of providing them investment options with high returns.

Sriram Chinna Gopala Krishna (37) had been operating a racket with 16 others since 2013. He, along with Yerramsetty Satish (30), Pillutla Venkat (37) and Tippani Narsimha (36), was arrested by the Rachakonda Police on Friday. His associates are absconding.

When Gopala Krishna was released from prison, he started a private finance business with an initial investment of Rs 5 lakh, which he borrowed from his father. However, he shut the business down within a year after suffering losses. He then launched a digital media and advertising company called Tanvi Creations. He began collecting money from investors saying that he was putting it into the liquor business and obtaining bar licenses. He promised that they would receive good returns. A majority of his victims were farmers, students, petty business persons, and IT professionals.

Tarun Joshi, Joint Commissioner said that Gopala Krishna paid his first batch of investors back with handsome profits.