VRR Constructions Director arrested for an alleged Rs 23.5 crore investment fraud, leaving dozens of investors in the lurch
Director of VRR Constructions, N. Vinod Rao in police custody after being arrested for an alleged investment scam.
Hyderabad: Hyderabad CCS sleuths arrested N. Vinod Rao, director of VRR Constructions, for an alleged investment fraud in which he dupe several people of Rs 23.5 crore. Police said he had promised 27 per cent returns on their money, saying he would invest the amount in the real estate ventures of the VRR group and start restaurants all over India.
Earlier a case has been registered against Rao on charges of cheating and under the Telangana Protection of Depositors of Financial Establishments Act, for allegedly duping 29 persons.
After collecting the amounts, he initially paid them returns for a few months but stopped it later and began avoid his victims, police said.
( Source : Deccan Chronicle. )
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