Hyderabad: Cyberabad police held man for fraud

According to the police, R.Ajay Kumar (35), a medical distributor and a resident of Borabanda, flouted the company and collected Rs.4.49 crores from 35 persons.

Hyderabad: The Cyberabad police on Tuesday arrested a man who had allegedly duped several persons on pretext of offering high returns over investments in his company, Almighty Pharma.

According to the police, R.Ajay Kumar (35), a medical distributor and a resident of Borabanda, flouted the company and collected Rs.4.49 crores from 35 persons.

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“Ajay promised 10 per cent profit to the investors from the total profits. Neither he paid the profit nor returned the original amount to the investors and kept it pending on some or other reason. One fine day, Ajay locked his house and fled away,” said DCP (EOW) K Prasad.

A case was registered against him following a complaint and a special team nabbed him.

The Cyberabad police requested the people not to fall prey to such frauds and thoroughly verify the credentials of a company or person before making investments.