Police Book Sawlani for Rs 3 Crore Investor Fraud
42-year-old claims high-return promise led to Rs 57 lakh loss
Hyderabad: The city police detective department has registered a case against one Tushar Kumar Sawlani for allegedly cheating investors of more than Rs 3 crore by promising high returns through franchises of his companies, Global Enterprises and Rising Global Foundation. The case was filed following a complaint by 42-year-old T. Pradeep Kumar.
The complainant said he had come across an interview of Sawlani in which investment plans were disclosed and returns assured. He met Sawlani at his Hyderguda office in April last year and agreed to subscribe to a franchise plan for Rs 3.08 lakh. While preparing the location set-up, Sawlani allegedly asked him to raise his investment to Rs 12 lakh, promising eight per cent profit per month. Kumar signed up.
Sawlani was accused of inducing him to invest in bigger plans, leading to a total payment of Rs 57 lakh. The complainant received Rs 96,000 per month for three months, after which payments stopped. Kumar said he later discovered that Sawlani had allegedly duped others as well, with the total fraud amounting to Rs 3.27 crore.
