Two held for duping investors in Hyderabad

Hyderabad: The Jawaharnagar police on Friday arrested two persons, including a woman, on the charges of cheating people in the guise of bike schemes and money deposit schemes. The arrested persons were K Pallavi Reddy (32), from Raghavendra Nagar Colony and P Sanjay (34) from Balaji Nagar in Jawaharnagar. According to the police, they had […]

Hyderabad: The Jawaharnagar police on Friday arrested two persons, including a woman, on the charges of cheating people in the guise of bike schemes and money deposit schemes. The arrested persons were K Pallavi Reddy (32), from Raghavendra Nagar Colony and P Sanjay (34) from Balaji Nagar in Jawaharnagar.

According to the police, they had set up their own business and opened multi- brand two-wheeler showrooms at AS Rao Nagar, Dammaiguda and Maheswaram between 2019 and 2020. But as their business was not profitable, they came up with schemes like Reference Scheme, Waiting Period Scheme and Investment Scheme offering good returns.

“Believing the schemes to be profitable, a large number of customers invested huge amounts in the schemes. The suspects asked the investors to transfer money online to various bank accounts,” police said, adding that preliminary investigation revealed that nearly 300 customers, who visited the automobile showrooms, fell in the trap, with the suspects collecting over Rs 2 crore.

Last Thursday, a complaint was lodged by one B Maheshwari from Medchal- Malkajgiri district, following which a case was booked. The suspects were arrested from their houses and produced before court.

---

Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .

---