Harvard dropout cheats Hyderabad businessman of several crores

Hyderabad: A Harvard dropout from TN cheated a Hyderabad businessman, the brother of a Congress MLA, of crores by making him invest in a sham US-based solar energy firm.

The suspect, Boaz Augustine, CMD of Borg Energy India, floated the company and made attractive offers to investors. Police says he must have collected Rs 80 to Rs 100 crore from investors. The CCS arrested him on Tuesday. There are many cases against him in AP and TN. He had been evading TN police.

The victim, K. Narsi Reddy, the MD of Sushee Ventures, and brother of Nalgonda MLA Komatireddy Venkat Reddy, approached CCS police alleging cheating. “The suspect offered 10 per cent equity and took Rs 1.38 crore in instalments. The victim realised that the company was a sham and filed a complaint,” said CCS DCP Avinash Mohanty.

“To lure investors the suspect portrayed his company as a subsidiary of energy firm Borg Inc. US, and claimed they have installed over 1,000 MW of solar power facilities around the world. He sought 10 per cent of the initial project cost that would be exchanged against equity later. The condition was the money had to be paid upfront. The victim paid '90 lakh as first instalment, and later paid more,” the DCP added.

Boaz Augustine, who belongs to Madurai, joined Harvard University six years ago, met Reddy there, told him about plans to float a company and sought investment from him.

“During the probe, many of his accounts holding around Rs 2 crore were freezed. The sleuths tracked Augustine to Madurai,” said the DCP.