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How Gunda Suresh Built His Scam
Gunda Suresh – The CEO, Director, and Owner of Ankura Corporate Solutions Private Limited, has become infamous for staging a massive financial scam that has caused significant losses for many investors and families. His journey from a booming stock market trader to a disingenuous fraudster is a complex tale of manipulation and dishonesty. Here’s a detailed overview of how Suresh Gunda created his scam and the impact it has had.
Early Success and the Start of Ankura Financial Services
Suresh began his career as a stock market trader in his hometown of Ramaraopeta, located in the Mancherial district. His initial success in the stock market brought him considerable attention on social media platforms. As his reputation grew, people started seeking his advice on where to invest their money. Taking advantage of this growing influence, Suresh established Ankura Financial Services, a sole proprietorship, in 2017 in Hyderabad. This venture allowed him to build a network of investors and laid the foundation for his future fraudulent activities.
Expanding to Ankura Corporate Solutions
In 2019, Suresh took a significant step by launching Ankura Corporate Solutions Private Limited in Somajiguda, Hyderabad. This new company marked a significant escalation in his scheme. By transitioning from a proprietorship to a private limited company, Suresh was able to create a more sophisticated setup for his fraudulent activities. This expansion enabled him to reach more investors and handle more considerable sums of money, furthering the complexity of his scam.
Deceptive Practices and Big Loans
Suresh cleverly manipulated investors by promising very high returns on their investments. His promises were convincing enough that many people invested substantial amounts of money into his schemes. He not only took loans from these investors but also from his employees, their families, and friends. Over time, he collected more than ₹60 crores from nearly 200+ individuals. To keep up with the impressions, he issued company bonds and checks as security and made interest payments at the beginning. However, as the scam progressed, Suresh disappeared, leaving his investors in financial grief and disbelief.
Living Lavishly and Financial Misuse
Despite publicly claiming that his business was struggling due to the COVID-19 pandemic, Suresh was leading a life of luxury. In 2021, during a time when many people were facing financial difficulties, he purchased a high-end BMW 3GT using an investor’s money and a loan from HDFC Bank. This extravagant purchase became a symbol of his misuse of funds and his lavish lifestyle. Additionally, Suresh falsely claimed to have bought a ₹2 crore property in Jubilee Hills and also informed many investors that he has vast plots in his hometown. This misleading information further attracted more investments, even though the property was never in his possession.
Trying to Avoid Legal Trouble with Insolvency
In a bid to avoid legal consequences, Suresh filed for insolvency in Karimnagar. His insolvency petition was filled with false information and misleading statements, including omitting his role as CEO of Ankura Corporate Solutions. He also falsely claimed that investors had forcibly taken his BMW, whereas the car was seized due to his failure to repay the loan. Also, a legal case was filed against him under the Negotiable Instruments Act, showcasing his continued efforts to evade responsibility and accountability for his actions.
Abandoning His Family and More Deception
Suresh’s lack of integrity extended beyond his financial crimes to his personal life. After fleeing with the investors’ money on December 8, 2024, he completely severed ties with his family. His father, Gunda Bhoomiah, passed away on December 28, 2024, partly due to the stress and health issues caused by Suresh’s fraudulent actions. Suresh’s decision not to attend his father’s funeral highlighted his complete disregard for family obligations and responsibilities.
Illegal Forex Trading and Connections with Criminals
Investigations into Suresh’s activities uncovered that he was involved in illegal Forex trading through a company called CABANA CAPITALS. This trading violated the Foreign Exchange Management Act (FEMA). Additionally, Suresh had connections with K Srinivas, a known fraudster with a history of financial crimes. Their collaboration added further complexity to the scam and demonstrated Suresh’s deep involvement in criminal activities.
Property Fraud and Broken Promises
In a desperate attempt to appease his investors, Suresh, along with his wife and brother, issued promissory notes worth ₹12 crores and pledged property as collateral. However, these property documents were part of a larger fraudulent scheme. The property was secretly transferred to Suresh’s sister-in-law, making it clear that his promises were never intended to be fulfilled. This additional layer of deceit further demonstrated Suresh’s commitment to misleading and defrauding his investors.
Media Coverage and Legal Action
The scale of Suresh’s scam has garnered significant media attention. Prominent Telugu news channels like V6 News and Telugu One India have extensively covered his fraudulent activities, playing a crucial role in bringing the severity of his actions to public attention. The media exposure has been instrumental in highlighting the impact of his scam on victims and increasing public awareness.
Ongoing Search and Legal Issues
Despite extensive media coverage and legal action against him, Gunda Suresh remains on the run. Law enforcement agencies are actively searching for him, and efforts to capture him are ongoing. His disappearance has delayed the process of justice, prolonging the suffering of his victims and extending the search for accountability.
