Hyderabad: Mr Santosh Alluri Varma, the managing director of My Own Eco Energy Pvt Ltd, Mumbai, and one of his aides have been by the Hyderabad central crime station police on Tuesday for allegedly cheating several businessmen from the twin Telugu states by taking Rs 5 crore on the pretext of providing dealership of bio-diesel fuel stations. The police had arrested two of their accomplices, Parag Kamath and Gunturi Srinivas.
Detective department joint commissioner Avinash Mohanty said that Mr Santhosh and his aides, Parag, Srinivas, Sarika and a few others opened an office in Begumpet in 2017 and advertised about the dealership. Several people applied for the dealership.
“The Company initially collected amounts between Rs 9 lakh and Rs 15 lakh as deposit and also taken bank guarantees for amounts between Rs 21 lakh and Rs 30 lakh from the victims. The company later refused to provide the equipment to run the fuel station and diverted the money for personal benefits. The accused also made some of the victims to procure infrastructure for setting up the fuel stations without supplying any material, which caused them heavy losses,” Mr Mohanty said.
He said at least 20 persons in the Telugu states and a total of 150 victims across the country invested money and incurred losses. It is also learnt that several cases have been registered against the accused persons in other states.
