Cops Nab One in Rs 7-Cr Fraud Case

Hyderabad: The economic offences wing (EOW) of the Cyberabad police arrested one person for allegedly swindling Rs 7 crore from people in the name of high returns on investments. The accused was identified as Vijji Jagadeesh Chandra Prasad, manager of a stock broking consultancy in Kukatpally.

The scam came to light after one Shamai Panchakshar, a resident of Puppalguda, reached out to the police. A case was registered under the BNS and the Telangana Protection of Depositors of Financial Establishment Act, 1999.

Prasad allegedly joined hands with the stock broking firm’s proprietor Deepankar Barman and set up an office in Kukatpally. The two allegedly lured gullible victims by introducing schemes promising high returns. Their first scheme offered a 120 per cent profit per year, the second scheme 54 per cent in six months and 24 per cent in three months and the third scheme offered 7 per cent returns per month.

After collecting Rs 7 crore until July, the accused allegedly stopped the business and did not return the collected amount. In this regard, Barman was arrested by the Assam Police in a similar offence reported in Guwahati. Besides Hyderabad, the accused have collected crores of rupees in other states under this scheme.