Cyberabad EOW arrests suspect in Rs 7 crore investment fraud
The suspect, Vijji Jagadeesh Chandra Prasad from Kakinada, AP, along with Deepankar Barman, devised a scheme promising high returns, including 120% annual profit on investments. The suspect, Vijji Jagadeesh Chandra Prasad from Kakinada, AP, along with accomplice Deepankar Barman, devised a plan to lure investors with schemes promising high returns. Their offers included annual profits of up to 120% on the invested amount.
Hyderabad: The Economic Offences Wing of Cyberabad police arrested a suspect who was involved in cheating, criminal breach of trust and collected money from innocent people to the tune of Rs.7 crore in the name of returns with high percentage of profits.
The suspect identified as Vijji Jagadeesh Chandra Prasad, a native of Kakinada, AP, along with Deepankar Barman, hatched a plan and introduced schemes promising good high interest returns. Their schemes included 120 per cent profit per an year on invested amount and so on.
In the guise of high returns, the duo collected about Rs.7 crores from victims in Hyderabad and surrounding areas. After collecting the amount for several months till July 2024, the suspects closed their business, failed to return the collected amount and cheated the victims. Deepankar Barman was arrested by Assam Police in a similar offence reported in Guwahati city.
The Cyberabad EOW Police advised people to be aware of fraud schemes and not to become victim to fraudsters, cheaters.
