Hyderabad, Nov 1 (UNI) Telangana Police have arrested a man accused of defrauding the public of Rs 7 crore through fake investment schemes promising unusually high returns.
Based on a complaint, the Economic Offence Wing (EOW) of the Cyberabad Police arrested Vijji Jagadeesh Chandra Prasad, a Manager at DB Stock Broking Consultancy Kukatpally branch in Hyderabad and a native of Kakinada, Andhra Pradesh, the police stated on Friday.
The accused, Vijji Jagadeesh Chandra Prasad, worked as a manager at DB Stock Broking Consultancy, where he and another accused, Deepankar Barman, the proprietor of DB Stock Broking Consultancy, allegedly orchestrated the scheme. Barman was previously arrested by Assam Police for similar offences in Guwahati.
Together, they set up the company in Kukatpally, Hyderabad, and introduced various investment schemes that offered extraordinarily high returns.
The fraudulent schemes included: Scheme A: Annual plan promising a 120 percent return in one year, Scheme B: Semi-annual plan offering a 54 percent return in six months Scheme C: Quarterly plan with a 24 percent return in three months and Scheme D: Monthly plan promising a 7 percent return in one month
These schemes attracted many innocent investors from Hyderabad and surrounding areas, who collectively invested approximately Rs 7 crore.
However, by July 2024, the accused closed their business, failing to return the invested funds and allegedly cheating the victims.
In addition to Hyderabad, the accused reportedly collected substantial funds in other states under similar schemes, deceiving people with promises of high returns.
