Cyberabad Police hands over cheques to ‘Karakkaya’ scam victims

Hyderabad: Cyberabad Police Commissioner Stephen Raveendra handed over cheques to 12 victims of the infamous ‘Karakkaya Business cheating case’ in which several persons were duped by on pretext of huge profits in karakkaya – ‘terminalia chabulia’ – business.

The management of the company prior to 2018 had lured the gullible victims with promises of higher returns on investment in the business. The company convinced the investors into buying a kilogram of karakkaya at Rs. 1,000 and later return it after making powder of it to be paid Rs. 1300 per kilogram.

“The company collected around Rs 3.75 crore from 423 customers and duped them. A case was booked and the properties of the firm were also seized and auctioned. After identifying 281 victims of the fraud, we have started paying them back their amount through court approval,” said Raveendra.