Cyberabad EOW arrests man in Rs 7 crore investment fraud

Highlights

Hyderabad: The Cyberabad’s Economic Offences Wing arrested a person involved in cheating, criminal breach of trust, and collecting money deposits from...

Hyderabad: The Cyberabad’s Economic Offences Wing arrested a person involved in cheating, criminal breach of trust, and collecting money deposits from innocent people to the tune of Rs 7 crore in the name of returns with a high percentage of profits.

The police arrested Vijji Jagadeesh Chandra Prasad, a manager at DB Stock Broking Consultancy in Kukatpally and a native of Kakinada, Andhra Pradesh. Following the complaint from Shamai Panchakshar of Puppalaguda, police registered a case U/S 316 (2), 318 (4), 61 (2) BNS and Section 5 of the Telangana Protection of Depositors of Financial Establishment Act, 1999.

According to the police, Chandra Prasad, along with Deepankar Barman, a proprietor of DB Stock Broking Consultancy, hatched a plan and introduced four schemes by promising good high interest returns, including a yearly scheme with 120 per cent profit for the invested amount.

Police said that they both attracted people under the guise of high returns and collected about Rs 7 crore. After collecting the huge amount for several months till July 2024, the accused closed their business from then onwards and failed to return the collected amount, cheating the victims.

Deepankar Barman was arrested by Assam police in a similar offence, reported in Guwahati city. Apart from Hyderabad, the accused have collected crores of rupees in other States under this scheme.