YALAMANCHILI RURAL: In a shocking incident reported on Tuesday a young man from Yalamanchili town, Nettem Sai Shyamkumar, allegedly deceived his father’s employer, Veesam Ramakrishna, over twenty years. Shyamkumar is accused of orchestrating an elaborate scam, masquerading as a stock market whiz, and duping Ramakrishna of a substantial sum.
Ramakrishna, a former iron scrap dealership owner, employed Nettem Govind from Achyutapuram as his driver for two decades. The trust built over the years allowed Shyamkumar to exploit this relationship and manipulate Ramakrishna into believing a fabricated stock market investment scheme.
Under the guise of stock market trading, Shyamkumar allegedly convinced Ramakrishna that substantial profits awaited those who invested in the market. To add credibility, he claimed to be engaged in stock transactions with a friend, where they split profits – 60 percent for the friend and 40 percent for himself.
Using fake online messages and manipulated screenshots, Shyamkumar showcased fictional success stories, asserting that his friend had turned an investment of Rs. 50 lakh into a staggering Rs. 1.2 crore within six months. Capitalizing on Ramakrishna’s trust, Shyamkumar managed to siphon off Rs. 2.80 crore from September 2022 to February 2023 through five online transactions.
Despite expressing concerns about the risks associated with the stock market, Ramakrishna grew suspicious when Shyamkumar failed to withdraw the invested money. Numerous requests to return the funds were repeatedly postponed until December 21. Shyamkumar, in a written communication, promised to repay the amount by January 1, 2024, but he failed to fulfill the commitment.
With mounting doubts and no response from Shyamkumar, Ramakrishna reported the incident to the Yalamanchili town police. The investigation revealed that Shyamkumar, aware of the impending case, is on the run.
Upon examining Shyamkumar’s trading laptop, the police discovered that he had provided false passwords, hindering access to the D-mat and trading account details. The case has been officially registered, and an investigation is underway.
The unfortunate incident is a cautionary tale about the risks of financial deception, emphasizing the importance of thorough scrutiny and due diligence, even in seemingly trustworthy relationships.