Software engineer Nadimpalli Vinay Kumar (35), who hails from Hyderabad, worked as a team manager with an IT firm in Hyderabad and later started his own company with 30 people, Vijayawada Police Commissioner, A B Venkateswara Rao said.
While he successfully ran the business, a Chennai- based company cheated him to the tunes of Rs 25 lakh due to which he had to shut his firm in 2012 owing to huge losses, he said.
Rao said that dejected with failure and pressurised under huge debts, Kumar started robbery.
As many as 14 cases of robbery and house breaking were registered against Kumar in Vijayawada, while three in Rajahmundry and police was in a lookout for him, the senior officer said.
Police have recovered cash and other valuable worth Rs 20 lakh from him and further investigation was on.