CCS arrests two for investment fraud

Deccan Chronicle.

Nation, Crime

CCS arrested two for allegedly cheating investors of crores of rupees. (Photo: DC Image)

HYDERABAD: The Central Crime Station (CCS) police on Saturday arrested Tekula Mukthi Raj, managing director, and Gattagalla Bhasker, commodity trade marketing head, of the five-month-old Multyjet Trade Pvt. Ltd. based in Gangaputra Colony, Musheerabad, for allegedly cheating investors of crores of rupees.

They cheated the people by inviting them to invest in commodity trading for a profit of two to three per cent.

After creating their login ID on their website, they collected huge amounts from the ‘investors’, said A.R. Srinivas, joint commissioner of police (CCS), in a press release.

The website would reflect the amount invested by him and the people were directed to invest on 11 commodities available in the website. At the end of the day, their profit was shown based on trends, Srinivas said.

He procured trends on commodities from one Mushtaq in Mumbai and accordingly adjusted the investment. On November 10, they closed the company and fled with the money, Srinivas said.

They opened a branch in Habsiguda and introduced Motilal Sarkar and Prashanth Eknath Burande of Chandrapur, Maharashtra, as directors.

The arrests were made by K. Narsing Rao, ACP  (detective department) and his team. The accused were produced before the court and remanded to judicial custody. Money was not recovered from the accused.