According to the police, Syed Ashfaq Rahil, managing director and his wife Syeda Aisha Naaz, who is a director, had started two companies and collected amounts to the tune of Rs. 229 crores from 17,500 depositors
The company had collected money from several thousand people in AP, Telangana, Karnataka and Maharashtra promising a profit between 8 to 12 per cent on their investment and duped them.
