Hyderabad: Scrap dealer dupes investors of Rs 1.9 cr
Hyderabad: There is no dearth of stories of scrap dealers hitting on fortunes, but this young scrap dealer from Yousufguda ended up behind bars after he took his neighbours for a costly ride in search of quick money.
According to the police, Mohammed Aleem Pasha, 32, a trader and scrap dealer from Sri Ram Nagar in Yousufguda, cheated people of a whopping Rs 1.9 crore in the name of investing in his scrap business. The Hyderabad Central Crime Station police, who finally arrested Pasha on Tuesday after he went absconding, said he had got people to invest in his scrap business assuring high returns. Most of the people he approached were from his own neighbourhood.
“Initially, he paid them good profits and gained the confidence of more people. He then collected huge amounts from nearly 10 persons to the tune of Rs 1.9 crore,” an official said, adding that after collecting the money, Pasha went absconding about three months ago and switched off his mobile phone.
Following a complaint from the victims, the CCS police booked a case and subsequently nabbed him. He was produced before court and remanded in judicial custody.
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