Man from Gujarat held for duping of Rs 7 crore from 2,000 people in Adilabad

Police in Adilabad said Unique Mercantile India Limited managing director Raj Kumar Roy was arrested over an alleged chit fund fraud involving around 10,000 people across Telangana. Investigators allege Rs 7 crore was collected from 2,000 investors in Adilabad district alone

Adilabad: The managing director of a chit fund company accused of defrauding thousands of people across Telangana has been arrested, while another accused remains absconding, police said.

Briefing the media here on Wednesday, Superintendent of Police Akhil Mahajan said Raj Kumar Roy, a resident of Ahmedabad, Gujarat, and managing director of Unique Mercantile India Limited, was arrested for allegedly duping around 10,000 people by promising high returns on their investments. Chandrashekhar, a zonal manager of the company, remains at large.

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During questioning, Roy reportedly admitted to luring around 2,000 people in Adilabad district with promises of quick and substantial profits. He allegedly collected Rs 7 crore from these investors, police said.

Investigators said the money had been invested in the real estate and hospitality sectors in Hyderabad, Bengaluru, Jaipur, West Bengal and Maharashtra.

SP Akhil Mahajan urged people who believe they have been defrauded to come forward and share relevant evidence with the police.

Adilabad DSP L Jeevan Reddy, Rural Inspector Raheem Pasha, Thalamadugu SI D Radhika and other police officials were present.