Hyderabad: Four held for cheating investors to tune of Rs 24 crore
The suspects had induced the investors in the guise of investment and good monthly returns and cheated about 120 members to the tune of Rs.24 crore
Hyderabad: The Cyberabad Economic Offences Wing (EOW) arrested four persons on charges of cheating depositors to the tune of Rs 24 crore in the name of investments in their company by promising good returns.
The arrested persons are B Chandra Shekar, V Jahnvi, G Venkata Akhil, all directors of Squares and Yards Infra Pvt Ltd and R Krishna Chaitanya, director of Ad Avenues. All are residents of Hyderabad.
According to the police, the suspects had induced the investors in the guise of investment and good monthly returns and cheated about 120 members to the tune of Rs.24 crore.
“The suspects attracted the investors with their buy back scheme explaining that if any person deposit an amount of Rs.17 lakhs in their company, they will give Rs 30,000 every month for a period of 100 months. They also promised to give investors lands in various locations,” said K Prasad, DCP (EOW), Cyberabad.
They also promised the customers that they will plant sandalwood plants and by selling the sandalwood trees they will share 50 per cent profit to the investors, the DCP added.
However, after collecting money, they suspects shut the business and went absconding.
