Hyderabad Man Who Bought Rs 51-Lakh Ganesh Laddu Booked In Rs 3.45 Crore Investment Fraud Case

Published 7 August 2026 · local

News india Hyderabad Man Who Bought Rs 51-Lakh Ganesh Laddu Booked In Rs 3.45 Crore Investment Fraud Case Hyderabad Man Who Bought Rs 51-Lakh Ganesh

News india Hyderabad Man Who Bought Rs 51-Lakh Ganesh Laddu Booked In Rs 3.45 Crore Investment Fraud Case Hyderabad Man Who Bought Rs 51-Lakh Ganesh Laddu Booked In Rs 3.45 Crore Investment Fraud Case Reported By, Edited By Last Updated: August 07, 2026, 20:55 IST A Hyderabad businessman, known for buying the Rs 51.07-lakh Ganesh Laddu in 2025, has been booked for allegedly duping investors of over Rs 3.45 crore by promising high returns. Rapid Read My Home Bhooja apartment complex in Gachibowli, Hyderabad. (File Photo) A businessman who became widely known for purchasing the Ganesh Laddu for a record Rs 51.07 lakh at Hyderabad’s My Home Bhooja Ganesh Utsav last year is now facing allegations of investment fraud. The Cyberabad Economic Offences Wing has booked him for allegedly cheating investors of more than Rs 3.45 crore. Promised High Returns to Investors The accused, Kondapalli Ganesh, allegedly convinced residents of the upscale My Home Bhooja apartment complex in Gachibowli to invest in his real estate and liquor businesses.

According to police, he promised investors a monthly return of 6 per cent along with profit-sharing every three months. Investigators said Ganesh projected himself as a successful businessman, earning the trust of fellow residents before seeking investments. Residents Invested Crores The case stems from a complaint filed by Silviya Srinivas Reddy, who alleged that Ganesh and his associate, Boyinpally Kiran, persuaded multiple residents to invest substantial sums. Srinivas Reddy’s family invested Rs 11 lakh. Other investors named in the complaint include Botsa Appala Naidu, C. Srikrupa, G. Naga Harish, Samudrala Ravi Shankar and Samudrala Saritha. Police said the accused allegedly collected more than Rs 3.45 crore from at least five investors, including retired employees who invested their lifetime savings. Ganesh Laddu Purchase Boosted His Credibility Ganesh had become a well-known face in the residential community after winning the My Home Bhooja Ganesh Laddu auction for Rs 29 lakh in 2024.

A year later, he set a new record by purchasing the laddu for Rs 51.07 lakh. After the auction, he distributed the laddu among residents, further strengthening his image as a prosperous entrepreneur and helping him gain their confidence, investigators said. Payments Stopped, Accused Went Missing The complainants alleged that Ganesh initially assured them that returns would be paid regularly. However, payments were repeatedly delayed before he eventually became unreachable. Police said Ganesh vacated both his apartment and office at My Home Bhooja in April this year. When residents began making inquiries, they allegedly discovered that several others had also invested money in the same scheme and were unable to recover their funds. EOW Launches Investigation Based on the complaint, the Cyberabad Economic Offences Wing has registered a case against Kondapalli Ganesh and initiated an investigation. Officials are examining financial transactions, tracing the money trail and making efforts to locate the accused.