Hyderabad: The Rachakonda police on Thursday arrested three persons for allegedly duping several people in the name of an investment fund with high-interest rates.
The accused collected large sums of money from a number of victims, totaling over six crores, and signed an investment agreement on non-judicial stamp paper as a token for receiving cash from the victims.
The three accused were identified as, Mohd Abdul Rehman (43), Mohd Abdul Raqib Shaik (32), and Mohammad Osman (42).
The accused are close friends from Bhongir village and planned to lure the general public by giving them 10% of interest on their initial amount if they invest the funds in a real estate bank.
Through wide publicity, they took the general public’s hard-earned money. In the beginning, they gave money with interest for a month or two until they gained their trust. Later they started avoiding and stopped responding to the victims.
Two cases were registered under cheating, criminal breach of trust at Bhongir police station, this year. Depending on this case, the accused were arrested and taken to judicial custody.
According to the commissioner of police, Rachakonda, Mahesh M Bhagwat invoked the Preventive Detention Act against them and lodged them in central prison, Cherlapally.