Woman arrested in Hyderabad for cheating investors to tune of crores
Nagole police arrested a woman from Secunderabad for allegedly cheating several investors by promising high returns through share market trading. Around 25 people reportedly invested crores of rupees, with three women alone pooling about Rs 27 lakh.
Hyderabad: The Nagole police arrested a woman for allegedly cheating several people by promising high returns on investments to the tune of a few crores of rupees.
The suspect, S Kavitha of Secunderabad, started a real estate office at Mamatha Nagar near Nagole last year and allegedly lured investors by promising a profit of Rs 80,000 within 100 days for an investment of Rs 1 lakh, claiming that the returns would be generated through share market trading.
“Believing her claims, around 25 people from Nagole and nearby areas invested money amounting to crores of rupees. Three women from Banjara Colony reportedly invested about Rs 27 lakh by pooling their savings and collecting money from friends and relatives,” said a police official from Nagole.
When the promised 100 days passed without repayment of the principal or interest, the investors grew suspicious. Realising they had been cheated, the victims approached the police and lodged a complaint.
Based on the complaint, the Nagole police booked a case and arrested Kavitha.
