Hyderabad: 2 arrested for looting Rs 3 crore from business aspirants

Hyderabad: A Malaysia returned teacher and his female friend, who duped business aspirants by collecting about Rs 3 crore under the pretext of providing assistance to set up stalls at MNCs in Hyderabad were arrested by the Nacharam police on Tuesday. The police seized Rs 10 lakh from the accused and remanded them to judicial custody.

The accused Guthena Sreenivasulu, 55, a native of Khammam district, is a double post-graduate from Kakatiya University. He worked as a lecturer for some time in Khammam and then worked at Stamford College, Malaysia for a year before joining a private institute as a guest lecturer.

Nacharam police said that while in Malaysia, Sreenivasulu learned that rice exports from India to Malaysia would yield good profits and soon got into the business. Initially, he received profits for exporting rice from various places in the state to Malaysia and other countries. Eventually, however, he incurred losses and could not pay back the loans he had taken. Meanwhile, he also developed a friendship with one Asha Kiran, a city resident, who assisted him in the business.

“Sreenivasulu, through his friend, offered assistance in obtaining permissions to start cafes at multi-national companies. He and Asha Kiran cheated several business aspirants of roughly Rs 3 crore. They also duped students by promising to get them jobs in the USA,” said Malkajgiri DCP Ch R. Umamaheswara Sarma on Tuesday. He said that the accused duo spent money lavishly in purchasing gold, household articles, and cars. The duo was apprehended by the special operations team.