Hyderabad: Fraudster Arrested for Cheating People of Rs 7 Crore
The Cyberabad Economic Offences Wing has arrested a man for cheating people and collecting money deposits worth Rs 7 crore. The accused promised high returns on investments but failed to deliver.
The arrested person has been identified as Vijji Jagadeesh Chandra Prasad, a manager at DB Stock Broking Consultancy in Kukatpally, Hyderabad. He is originally from Kakinada, Andhra Pradesh. The arrest followed a complaint from Shamai Panchakshar, a resident of Puppalaguda. A case was registered under various sections of the law, including the Telangana Protection of Depositors of Financial Establishment Act, 1999.
According to the police, Chandra Prasad, along with Deepankar Barman, the owner of DB Stock Broking Consultancy, created four investment schemes. They promised investors high profits, including a scheme offering 120% profit in one year. These promises attracted many people.
After collecting approximately Rs 7 crore from investors over several months until July 2024, the accused shut down their business. They did not return the money, leaving the victims cheated.
Police also revealed that Deepankar Barman was arrested by Assam police for a similar crime in Guwahati. The accused are believed to have defrauded people not only in Hyderabad but also in other states.
