Goshamahal police arrest man in Rs 77.5 lakh fake investment fraud

The Goshamahal police arrested Chandan Singh for allegedly cheating a Hyderabad businessman of Rs 77.5 lakh through a fake electronics investment scheme. Police said the suspect gained the complainant’s trust with earlier repayments and later went absconding. Hawala links are also under investigation

Hyderabad: The Goshamahal police arrested a man for allegedly duping a businessman from the city of Rs 77.5 lakh in a fake electronics investment scheme.

The suspect, identified as Chandan Singh, had allegedly collected money from the complainant by promising huge profits through an electronics business. “After gaining the complainant’s trust with earlier repayments, the suspect had collected over Rs 77 lakh in regular instalments and later went absconding,” officials said.

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The police also suspect Chandan Singh’s involvement in hawala transactions.

A mobile phone was seized from him, while two other suspects remain absconding.