Telangana: Police Arrest Two for Rs 8.5 Crore Fraud on 125 People
The ACP further said the accused even took depositors to Thailand and Goa under the pretext of gifts. They were also found to be drug users.
Nizamabad: Nizamabad CCS police arrested two persons for allegedly cheating people of Rs 8.5 crore by promising high returns within a specific period. The arrested were identified as Mohammad Moiz Khan (32) of Hashmi Colony and Syed Ahmad Hasan (32) of Mohammadiya Colony in Nizamabad.
Speaking to reporters, CCS ACP Nagendra Chari said the accused conspired to cheat the public by setting up a company named Shreem Evergreen Constructions. They lured people with promises of high returns, collected deposits, and then duped them.
To evade repayment, the accused reportedly sent IP notices to 125 depositors. They also created online platforms, Profitreehub.com and Scotraprofit.com, to collect money from various people. In addition, they collected funds in the name of Movan Infrastructure Company, despite having no association with it.
The ACP further said the accused even took depositors to Thailand and Goa under the pretext of gifts. They were also found to be drug users.