Hyderabad firm booked in Rs 2.4 crore corporate fraud case

The names of the accused have not been revealed as they belong to a famous film maker's family.

Hyderabad: An instance of corporate fraud has surfaced at Jubilee Hills, where Symphony IT Distribution has been booked by the police for allegedly cheating their client to the tune of nearly USD 292,000 (about Rs 2.4 crore).

As per the complaint lodged at Jubilee Hills police station, people associated with a famous film producer’s family had cheated the complainant in business transactions after misleading him. However, the promised services or supplies were never delivered, leading to allegations of cheating, reported Telangana Today.

The police have reportedly started a thorough investigation and are scrutinising the accounts and transactions of the accused to verify their sources of income and how the money has been laundered. The police are also looking into whether the case involves cross-border transactions, which could widen the scope of the probe.

Even as an FIR has already been registered in this matter, the authorities have not revealed the names of the accused, along with those associated with the famous filmmaker’s family, named in the complaint. Further action is likely to depend on the outcome of the ongoing financial analysis and verification of claims made by the complainant.