Four Arrested for Swindling ₹24 Crore From 120 Investors

Hyderabad:The economic offences wing (EOW) of Cyberabad police arrested four persons for alleged involvement in cheating, criminal breach of trust and swindling money to the tune of ₹24 crore in the name of investment and good returns. A case has been registered under the BNS and the Telangana Protection of Depositors of Financial Establishment Act, 1999.

The accused include Byra Chandra Shekar, Vemulapally Jahnvi, Garimella Venkata Akhil and Reddipalli Krishna Chaitanya. The issue came to light after a Vizag native, Allam Nagaraju, a resident of KPHB Colony, lodged a complaint.

The accused induced customers/investors in the guise of handsome monthly returns on investments and cheated about 120 members from whom they collected `24 crore, overall. Initially, the accused established an office with the name Squares and Yards Pvt Ltd on the 8th floor, Block-810, Manjeera Trinity corporate in Kukatpally. They relocated to Kavuri Hills, Jubilee Hills.

Their modus operandi was to assure a credit of `30,000 every month for 100 months once they deposit `17 lakh in their company. Additionally, each investor was entitled to get 267 sq.yds of agricultural land at Tirumalagiri village, Balanagar mandal in Mahabubnagar district.

After paying returns for a few months, the accused closed shop and fled with the booty.