Fraudster arrested in Rs. 7 crores investment scam in Hyderabad
Hyderabad: The Economic Offences Wing (EOW) of Cyberabad Police has arrested an individual involved in a significant cheating case. The individual accumulated deposits from unsuspecting investors amounting to Rs. 7 Crores under the pretense of high returns.
The accused, Vijji Jagadeesh Chandra Prasad, who served as a manager at DB Stock Broking Consultancy in Kukatpally, Hyderabad, is a resident of Hydernagar and originally hails from Kakinada, Andhra Pradesh. A case has been registered against him under Cr. No. 65/2024, encompassing various sections, including Sections 316 (2), 318 (4), and 61 (2) BNS, along with Section 5 of the Telangana Protection of Depositors of Financial Establishment Act, 1999.
The complainant, identified as Shamai Panchakshar from Puppalaguda, reported that Prasad and another accused, Deepankar Barman, the proprietor of DB Stock Broking Consultancy, devised fraudulent investment schemes promising unusually high returns. The details of the schemes are as follows:
Scheme A: Yearly Scheme – 120% profit per year on the invested amount
Scheme B: Half-Yearly Scheme – 54% profit every 6 months
Scheme C: Quarterly Scheme – 24% profit every 3 months
Scheme D: Monthly Scheme – 7% profit each month
According to the police, the accused lured many innocent individuals under the guise of attractive offers, collecting substantial amounts of money over several months until July 2024. After this period, they abruptly shut down their business and failed to return the deposited funds, resulting in widespread financial loss for the victims.
Deepankar Barman, the other accused, has also been apprehended by Assam Police for similar offenses in Guwahati. Reports show that the duo has swindled investors in Hyderabad and across other states through these fraudulent schemes.
Public Advisory:
K. Prasad, Deputy Commissioner of Police for the EOW, has urged the public to remain vigilant against such fraudulent schemes and to avoid falling victim to cheaters. The EOW is dedicated to prosecuting fraudsters and delivering justice to affected individuals.
The investigation is being conducted by Inspector J. Venkateswarlu of the Economic Offences Wing, under the supervision of Deputy Commissioner K. Prasad, is conducting the investigation.
