Businessman held in Hyderabad for fraud of Rs 75 crore

Hyderabad: The Economic Offences Wing of Cyberabad along with the RC Puram police busted a fraudulent scheme floated by a private company and arrested its Managing Director on charges of cheating people to the tune of Rs.75 crore promising high returns for investments. The company collected deposits from nearly 3,500 depositors across the State and […]

Hyderabad: The Economic Offences Wing of Cyberabad along with the RC Puram police busted a fraudulent scheme floated by a private company and arrested its Managing Director on charges of cheating people to the tune of Rs.75 crore promising high returns for investments.

The company collected deposits from nearly 3,500 depositors across the State and three cases were earlier booked against it in Madhapur, RC Puram and Raidurgam.

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The arrested person is Jayanth Biswas (49) MD of Metalloids Technologies Pvt. Ltd., in Madhapur and a native of Kolkata, West Bengal State. His wife Mousami Biswas, also a director in the company is absconding.

According to the police, Jayanth established the company in Rajasthan in 2016 to allegedly create a business module “Metalloids Sustenance Portfolio (MSP)” to attract people to invest money in the company.

“He induced people and collected money promising to return investments with rate of interest between 10 per cent to 100 per cent. He collected more than Rs.70 crores from people in Telangana and also Assam, Kolkata and Rajasthan,” said an official.

Following a complaint, a case was booked and Jayanth who learnt about it, went absconding. Acting on a tip-off, he was arrested from star hotel in Banjara Hills, where he was organizing a promotional program.

The Cyberabad Police requested citizens not to fall prey to attractive schemes, and inform nearest police station or to the Economic Offences Wing’s WhatsApp No -9493625553.

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