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200 people in two Telugu states from Rs. 530 crores and cheated two persons were arrested by the CCS police on Wednesday. City Joint CP Gajarao Bhupal and CCS DCP Shilpavalli disclosed the details in a press conference organized at CCS on Wednesday.
- Collected Rs.530 crores from 200 people
- Gharana fraud in the name of profits
- Attractiveness of investments in chain mode
- Two traders arrested.. 2 kg gold seized
Hyderabad’November 1 (Shoukat-PMI): If you invest with us, you will get 6 to 13 percent profit every month from 200 people in two Telugu states from Rs. 530 crores and cheated two persons were arrested by the CCS police on Wednesday. City Joint CP Gajarao Bhupal and CCS DCP Shilpavalli disclosed the details in a press conference organized at CCS on Wednesday. Gude Rambabu of Vijayawada and Penametsa Krishnamraju of Bhimavara are business partners. As the profits came, it was decided to expand the business.
Financial help was taken from those who knew about it. Initially selling moving consumer goods, the business expanded further. Those who know this have collected huge investments from relatives and friends. Those who invested were paid 6 percent profit for the first few months. From about 200 people to Rs. 530 crores were collected. They came from Vijayawada to Hyderabad. The business has been converted into a chain system. Delayed payment of profits to investors recently.
Due to this increasing pressure from the victims, the house in Madapur was locked and both the accused escaped. The CCS police have registered a case against both of them based on the complaint of the victims. The accused were arrested in Gachibowli and two kilos of gold jewelery and Rs 4 lakh cash were seized from them. The investigation revealed that both the accused had bought properties in AP and Telangana with the money collected from the(Press media of india)
