Bizman Says Duped Of ₹5.7 Cr Over 5 Yr Period
The accused initially borrowed small amounts and repaid them promptly
HYDERABAD: A Nizampet‑based businessman was cheated of ₹5.7 crore in a prolonged financial fraud spanning nearly five years, from 2021 to March 2026, by a man and his family posing as successful business operators. The Cyberabad commissionerate’s economic offences wing has booked a case.
According to the complaint, the accused initially borrowed small amounts and repaid them promptly, gaining the victim’s trust. He later persuaded the businessman to provide larger sums, promising steady returns of three per cent interest. To reinforce credibility, the accused produced fabricated documents and agreements. Over time, the victim transferred substantial amounts, believing they were invested in profitable ventures. The accused also executed a memorandum of understanding and issued post‑dated cheques, which were dishonoured due to insufficient funds.
As suspicions grew, the victim attempted to contact the accused, who began avoiding calls and eventually absconded. Investigations revealed that the documents were forged and the funds diverted for personal use. The victim alleged that the accused’s family members were also involved and threatened him when confronted.