A 43-year-old private employee who allegedly cheated investors of about ₹4.36 crore through a fake stock trading business has been arrested by the Special Zonal Crime Team of the Central Crime Station on November 22.
Police said the accused, Namani Karthik, operated an unregistered entity called Explore Technologies from his flat in Vidyanagar. He allegedly lured victims by promising 6% assured monthly returns and 10% to 20% profits, using brochures, bond papers and false claims that he worked as a data science manager at Ernst and Young.
The case began with a complaint from D. Siva Kumar, a retired associate professor who invested ₹1.35 crore based on these assurances. Investigators said Karthik became unresponsive after collecting the money and frequently changed locations to evade arrest. Enquiry revealed that many victims were cheated in a similar manner, with the total loss reaching about ₹4.36 crore.
Karthik is an MCA graduate from Mancherial district and had earlier worked in software firms and in government service. Police said he later floated the financial setup and eventually filed an insolvency petition before going underground.
He was arrested on November 22 and sent to judicial custody. The investigation is continuing, and efforts are under way to identify any other accused, and trace the money.
Published – November 24, 2025 08:24 pm IST
