Hyderabad: A man from Andhra Pradesh is suspected to have siphoned off over Rs 62 crore from traders under the pretext of investing the money in government-approved projects in the two Telugu states.
According to sources, T. Raghav of Guntur, who is doing his Chartered Accountancy, wanted to start a firm. He forged a certificate and showed it to his friends to pretend that he had cleared the CA examinations.
Police said Raghav floated four companies, one of them with branches in several places in Telangana state and AP, including one at Madhapur in Hyderabad. He allegedly forged an order issued by the AP government to show that he had received a project from AP State FIberNet Limited.
Raghav invited investors and promised to pay them 20 per cent of the profits after finishing the project. He collected about Rs 9 crore, said sources.
Raghav is also facing allegations of depositing money in several DMAT accounts and losing the money in stock trading. He also took personal loans in the names of his “employees and partners” and used the money to clear the debts taken from others.
“He borrowed from several banks and individuals and invested the money into various businesses including trading, and lost heavily. To pay back the money, he borrowed loans and rotated the money,” sources said.
“The total money he collected amounted to over Rs 62 crore. He could not repay his investors,” said the sources. The case came to light when a complaint was lodged at Madhapur police station in Cyberabad police commissionerate and investigations were started.
A Cyberabad police officer said, “A complaint has been lodged against Raghav and investigation is on.”...