Man loses Rs 100 cr in cricket bettings; Rachakonda police cracks mystery

A Vanasthalipuram resident in Hyderabad got caught in a cricket bettings case. Even though he lost over Rs 100 crore taken from relatives and friends, the accused started doing the same again, said Rachakonda Police Commissioner D S Chauhan.

Hyderabad (Telangana) : A Hyderabadi man lost Rs. 100 crores in cricket bettings over a period of the last 12 years. The Vanasthalipuram resident in the LB Nagar area got used to cricket betting and lost all his earnings in real estate over several decades. Betting which started as fun soon became an addiction leading to the loss of his lifetime earnings. As he could not recover from his addiction despite the huge losses, he transformed into a bookie for cricket bettings and eventually landed in the police net.

Rachakonda Police Commissioner D S Chauhan said that even though the man lost over a hundred crore he took from his relatives and friends in cricket bettings, he started doing the same once again. It all surfaced when the real estate dealer narrated his story to the police about why he had been missing for twelve years and was arrested as an accused in the gang. After being arrested in a cricket betting case, Ashok Reddy himself told the police about this. On last Friday, two sub-bookies and a collection agent, who were conducting large-scale betting in the city, were detained by the LB Nagar SWOT police.

As part of Saturday's investigation, the police were trying to find out the antecedents of the accused. The officials were shocked when one of the accused, who was identified as Ashok Reddy, narrated his personal experiences. According to police, Ashok Reddy, who resides in Vanasthalipuram in the city, used to deal in real estate. He earned a lot in a short time.

At first, the man used to bet on cricket for fun. Sometimes he used to bet again and again to double it as he got lakhs of rupees sometimes. After that, he became addicted to betting. No matter how many times he lost money, he did not change his behaviour. Along with the money earned in the real estate business, he used to take money from acquaintances and relatives and put it into betting.

Like this, he lost crores of rupees. He told the police that he had lost about Rs 100 crores in different instances in the last 12 years. The police said that he had started a company and went for an insolvency petition due to losses. It has been explained that he, who has been in hiding for the last few years, has incarnated as a cricket bookie for making easy money in violation of the laws.