Hyderabad Police Launch Hunt for Local Businessman Accused of ₹50-Crore Fraud
The victims alleged that Chandrasekhar borrowed money from different individuals by citing multiple reasons
Hyderabad: More than 60 people approached Malkajgiri police commissioner B. Sumathi alleging that a Kushaiguda-based cement dealer had disappeared after borrowing a collective sum of ₹50 crore by citing various reasons as well as promises of attractive returns.
According to a representation submitted to the commissioner on Tuesday, Pabba Chandrasekhar, 50, of Bhagavan Colony, Chakripuram, Kushaiguda, was running Sri Venkateswara Marketing, a cement dealership, for nearly three decades. The complainants said Chandrasekhar was widely known in the locality and had also served as the general secretary of the All India Vysya Federation (AIVF).
The victims alleged that Chandrasekhar borrowed money from different individuals by citing multiple reasons. Some were told he urgently needed funds for his daughter's marriage and his father's medical treatment, while others were informed that he required money for constructing a house in Bhagavan Colony.
He also allegedly claimed that depositing money with cement companies would help him secure special business schemes and that paying ₹50 lakh towards GST would enable the release of ₹3 crore.
The representation stated that Chandrasekhar has been unreachable since June 22. His mobile phones remained switched off and his wife was missing. The complainants alleged that the couple left behind their two daughters at the residence of Chandrasekhar's younger brother. Family members allegedly informed those making enquiries that the couple had travelled to Switzerland.
Victims claimed many had borrowed from relatives or used savings kept aside for family functions, while others invested in the hope of earning interest to meet household expenses and their children's education costs.
Urging immediate intervention, the complainants requested commissioner Sumathi to trace Chandrasekhar, investigate the alleged cheating, recover the money and ensure justice for all the victims and SOT teams are in the lookout.
