Man Vows Profits in Scrap Biz, Swindles ₹45 Lakh

Hyderabad: A man was arrested by the Petbasheerabad police for allegedly duping several people of over ₹45 lakh by falsely claiming to run a scrap business. The accused Medi Siva Kumar, a resident of Apuroop Colony in Jeedimetla, posing as proprietor of a firm named Shalini Enterprises, lured victims with promises of high profits from his ‘scrap trading venture.’

According to police, Midhun Raj and Tatikonda Prabhakar Reddy, residents of Dulapalli along with several others, invested large sums of money after being convinced by Siva Kumar’s claims.

“Siva Kumar told people that he would give ₹3 lakh in 10 days if they invested ₹2 lakh,” an official said. The victims transferred funds through online transactions to two HDFC Bank accounts belonging to the accused.

During investigation, it was known that ₹52,72,800 had been transferred from Prabhakar Reddy’s account alone. Of this, only ₹7,72,800 was returned, while the remaining ₹45 lakh was allegedly misappropriated by the accused for personal use.

Police said Siva Kumar was arrested and remanded to judicial custody. Further verification revealed that a similar case of cheating had earlier been registered against him at the Suraram police station.

“The amount could be much bigger than aforementioned. For now, we have only received a few complaints,” the official added. A case was registered and further investigation is underway.