Hyderabad: The Cyberabad Economic Offences Wing (EOW) has arrested a married couple involved in a complex fraud case. They are accused of cheating people out of Rs 2.11 crore. The couple promised high returns, offering 2% interest on deposits, and also assured job placements through unofficial means.
The suspects are identified as Panem Ujwala, arrested in Kandukur, Nellore District, Andhra Pradesh, and Mahesh Panem, caught in Bangalore. Both originally come from Kandukur and previously lived in KPHB, Hyderabad.
The arrests happened after a complaint was filed on June 25 by Purimitla Rathna from SBI Colony, Bowrampet, Bachupally. This led to a case under various sections of cheating and the Telangana State Protection of Depositors of Financial Establishments (TSPDFE) Act.
Police discovered that the couple operated through Christ Properties (OPC) Pvt Ltd at KPHB. They lured customers with real estate investments. Panem Mahesh was the company’s director, and his wife Panem Ujwala was a nominee. They mainly targeted retired employees, enticing them with a promise of 2% monthly interest on their deposits.
Mahesh also ran an Agarwood farmland business and collected large sums from victims. Additionally, they offered jobs via another firm, Christ Global Technologies Pvt Ltd, also in KPHB. In total, they collected Rs 2.11 crore from five depositors through these schemes. The couple was also linked to other companies like Shine Solutions and Western Acqua.
K Prasad, Deputy Commissioner of Police (DCP), EOW, confirmed that they collected Rs 2.11 crore by promising 2% interest. They issued promissory notes, bank cheques, and Memoranda of Understanding (MOUs) to gain victims’ trust.
DCP Prasad added, “Initially, they paid monthly returns, but later stopped, shut down their office, and disappeared.”
The investigation showed the couple is involved in five more cases reported in Bachupally, Kollur, Chandanagar, and Madhapur within the Cyberabad Commissionerate limits.
