Hyderabad: A man has been arrested for allegedly cheating, criminal breach of trust and investment fraud. The accused has been identified as Vijji Jagadeesh Chandra Prasad who worked as a manager in DB Stock Broking Consultancy in Kukatpally.
According to reports, the accused and his accomplice Deepankar Barman devised several fraud investment schemes, each promising high returns within short timeframes. Investors were offered a yearly scheme with a 120 percent profit in one year, a half-yearly scheme with 54 percent profit in six months, a quarterly scheme providing 24 percent profit in three months, and a monthly scheme guaranteeing 7 percent monthly returns.
The high interest attracted many investors in Hyderabad and surrounding regions.
However, after collecting around Rs seven crore through these schemes, the accused abruptly closed operations in July, failing to return any money to their investors. Victims were left in distress as the company disappeared overnight, with no access to their investments.
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Based on the complaint, the economic offence wing (EOW) of Cyberabad police arrested one individual
A case has been registered under sections 316 (2) (Whoever commits criminal breach of trust shall be punished with imprisonment of either description for a term which may extend to five years), 318 (4) (cheating and dishonestly), 61 (2) (deals with the punishment for criminal conspiracy) of Bhartiya Nyaya Sanhita (BNS) and section 5 of the Telangana Protection of Depositors of Financial Establishment Act, 1999 of EOW PS, Cyberabad.
Further investigation is ongoing.
The Cyberabad Police has issued an advisory warning the public against high-return investment schemes, emphasizing that fraudsters often lure people with unrealistic profits.
