Businessman held in Hyderabad for cheating people on pretext of opening startup company
Hyderabad police arrested the accused at Langer Houz
Hyderabad: The Hyderabad police on Friday arrested a businessman on charges of cheating innocent people and unemployed people on the pretext of providing hand loans by mortgaging land documents and promising partnership in a new startup software company. The arrested has been identified as Guru Sriranga Srinivas Bodanaboina (43), a resident of Padmaja Colony in Guntur
Task Force Additional Deputy Commissioner of Police, Ande Srinivasa Rao, said that Srinivas, a native of Prakasam district, studied up to a degree first year. He married Mohammed Asma Ara in 2016. Initially, he started his career by working as a software employee in Begumpet for a salary of Rs.14,000.
After his father expired in 2012, Srinivas returned to his village and did real estate business. In 2019, the complainant contacted Srinivas through social media for advice on exporting vegetables and seeds. He then agreed to coordinate his buy-back concept for okra seeds.
However, he supplied fake seeds that didn't meet regulations, sold them under an unregistered brand, and collected money from farmers. After seeds failed to germinate, Srinivas acknowledged his mistake and promised compensation.
The complainant protected goodwill by paying money to farmers. He tried to contact Srinivas but his mobile phone was switched off. Based on a complaint lodged by the complainant, the police booked a case against him.
In September 2022, he met the complainant's son through a mutual acquaintance. Following a request of hand loan of Rs.3 lakh from the complainant's son, Srinivas agreed to pay it with an 18 per cent interest apart from giving a surety of house sale deed at Bapunagar in Langer House
Instead of executing a mortgage deed, Srinivas allegedly made the complainant to sign a sale deed by manipulating it. He gave Rs.3 lakh to the complainant. In 2023, Srinivas allegedly hatched another plan to cheat the complainant, executing a rectification deed to avoid registration and stamp duty charges. He secured loans using the same property as collateral.
In 2023, Srinivas cheated one Shiva Kumar on the pretext of a startup software company on partnership basis and took an amount of Rs.17.50 lakh from him. Following a tip off, the police arrested Srinivas in Langer Houz.
