Business Telangana

Man who duped firm of Rs 50.57 lakh held

Hyderabad: Neelapu Naveen Reddy, the assistant manager of a real estate firm who duped his employer to the tune of Rs 50.57 lakh, was arrested by Rachakonda police at Hayathnagar on Thursday.

Two others who helped him in the theft, Kocchirla Amith Reddy and Bacchu Rama Krishna , were also held.Police seized Rs 28.69 lakh in cash and three mobiles from them. Naveen had spent the amount on online rummy and other lavish expenses.

According to the police, Naveen, who belonged to Srikakulam district, moved to Hyderabad after completing his studies from Bengaluru. He initially worked for a private bank as an Assistant Manager, but due to his addiction to online rummy, he ended up in financial crisis and even lost the job.

Later, in June 2020, he joined a real estate firm as Assistant Marketing Manager. After gaining the trust of the management, he borrowed money from his colleagues and invested in online rummy and casino games, but lost them.

On March 23, the management had kept Rs 50, 57,690 in his custody and asked him to handover it the next morning. Taking advantage of the situation, he escaped from the city with the money.