Cyberabad EOW Books Dubai-Based Trading Firm Over 1.72 Crore Investment Fraud

Hyderabad: Cyberabad economic offences wing (EOW) police registered a case against Dubai-based Magic Bean Trading DMCC and its representatives, the brothers Vasudev and Jaidev Parthasarathy, following allegations of cheating, criminal breach of trust and misappropriation involving deposits worth Rs 1.72 crore in at least two cases.

The complaint was lodged by a 53-year-old Hyderabad resident who alleged that she was approached in 2023 by Jaidev Parthasarathy who told her the company was capable of generating assured returns of 24 per cent per annum. The complainant alleged that the accused personally met her in Hyderabad and convinced her and her husband to invest by assuring periodic returns and repayment of the principal amount with a certain timeline.

Believing the assurances, she initially transferred Rs 80 lakh in March 2023, followed by Rs 15 lakh in June 2023. In June 2024, she invested an additional Rs 7.5 lakh after being told that the funds were urgently required to resume operations and facilitate repayment. Her total investment stood at Rs 1.025 crore.

The complaint stated that another investor invested Rs 70 lakh in the same venture, taking the combined investment to Rs 1.725 crore.

The complainant alleged that while the brothers paid some money, the accused subsequently delayed repayments and repeatedly postponed returning the invested amount. They assured her that a property in Hosur would be registered in her favour as security, but no such transfer took place.

Based on the complaint, the EOW police registered a case under the BNS and the Telangana State Protection of Depositors of Financial Establishments Act.