Two held for cheating investors

Hyderabad, Sept 30 : On credible information Hyderabad Police arrested two accused persons and at their instance seized 77 cars of different models and Motor Cycle, other incriminating documents from their possession, here today.

The accused persons (1) Sajid Hussain and (2) Ahmed Hussain started business of providing Taxi Services overtime at their Office Situated at premises No,3-5-121/E/1/3, Near Jagruti Degree College Ramkote Hyderabad. They started collecting amount from the investors by luring with attractive benefits to the investors and cheated the more than 844 investors to the tune of Rs 28 crores.

The accused collected amounts ranging from 1) Rs 1,00,000/- 2) 2,00,000/- 3) 4,00,000/- and 4) 6,50,000/- from the investors as per their interest. if any investor is interested to purchase a Indica Car he should invest an amount of Rs 2,25,000 in return, they promised the investor to pay Rs,8,500 for (60) months as monthly rentals/Hire amount like so if anyone wants to purchase a Mahindra Verito car the investor should invest Rs. 4,00,000 for which the accused promised to pay Rs,17,000 for (60) monthly rentals/Hire amount if anyone wants to purchase Toyoto Innova car the investor should invest an amount of Rs 6,50,000 for which they promised to pay Rs.26,000 for (60) months as rentals/Hire amount.

The accused also promised to clear the bank finance amount and release the vehicle freely to the investor apart from the also took investment of Rs 1,00,000 from the investors and promised the investor to pay Rs 5,000 per month for (60) month as monthly interest. After collecting money from the investors they stopped the payment and cheated the investors to the tune of Rs 28 Crores.

Public once again alerted to be more cautions and careful about such cheaters. Whoever offers exorbitant returns on their investment is certainly going cheat the public sooner or later. Beware of the cheater and not to be greedy about such speedy money.

The arrests were made by S Ramachandra Reddy, Inspector of Police, ADR Team, CCS, Hyderabad under the supervision L K V Ranga Rao, IPS Dy.Commissioner of police, DD, M Venkatshwara Rao, Addl.DCP DD and Kaleshvali, Asst. Commissioner of police, DD Hyderabad. INN