Cyberabad Economic Offences Wing arrests two for investment fraud of Rs 12 crore

Suspects established a company named ‘We Own Infra Groups’ at Kukatpally and induced customers and investors in the guise of investment

Hyderabad: The Cyberabad Economic Offences Wing (EOW) arrested two persons on charges of cheating people in the name of investment and buy back scheme to the tune of Rs 12 crore on Wednesday.

The arrested persons are A Venkatesh from Jagadgirigutta and native of East Godavari in Andhra Pradesh and M Vamshi Krishna from Serilingampally and native of Bapatla in Andhra Pradesh.

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According to the police, the suspects established a company named ‘We Own Infra Groups’ at Kukatpally and induced the customers and investors in the guise of investment and deposits. By promising huge monthly returns for investments into the company, they cheated about 90 investors to the tune of Rs 12 crore.

So far, 25 victims have been traced by the EOW officials and efforts are continuing to trace absconded prime suspect Suresh of West Godavari in Andhra Pradesh.