Scrap Dealer 'Duped' People of Rs.20 Crore, Say Police

Vijayawada: A Vijayawada scrap dealer allegedly duped his friends of nearly Rs.20 crore by making false promises. He collected money from his friends and relatives by promising them high returns on their investments, police said quoting complaints it received, on Wednesday.

The accused Mohammed Fahim, a native of Vinchipet and currently residing in Nulakapet in Guntur, ran the Fahim Traders firm, which handled the sale of scrap generated from various industries.

According to information, Fahim approached many and showed them the firm’s trade licence and other documents. He promised to provide a share out of the profits generated from the scrap business.

“Believing Fahim, I gave some amount to him in 2020. In return, he gave Rs.4 lakh in two instalments, including my principal amount and some share in the profits. In the last four years, I gave approximately Rs.80 lakh, which he didn’t return. He stopped responding to my calls for the past month,” claimed a local, Mohammad Akbar Imran.

Circle inspector Ganesh said about five victims under the II Town police station jurisdictions have allegedly lent money to the accused. A case under section 420 IPC will be booked after verifying the bank transactions made between the victims and accused, the CI said and added that the accused was currently on the run.