Police in Nacharam have arrested two employees from a private company in Mallapur for allegedly defrauding their employer. MNS Bhushan Reddy, the operations manager, and D Srinivas, an accountant, are accused of misappropriating Rs 2.1 crore.
The two are said to have set up a separate company, Adinath Industries, in violation of their employer’s rules. According to police, they generated fake sales invoices and work documents using their employer’s name. They then transferred approximately Rs 35 lakh from Neon Metal Crafts' bank account to Adinath Industries’ account.
The fraud came to light when the company owner filed a complaint, prompting Nacharam police to start an investigation and arrest the suspects.
Over 4,000 people affected
Using the Falcon Invoice Discounting Application, the accused collected Rs 4,215 crore from 7,056 depositors. They lured investors by presenting fake investment deals as opportunities from reputed multinational companies, promising high returns on short-term plans.
Initial reports indicate that scams involving deceit and conspiracy have led to a loss of Rs 792 crore for about 4,065 people.
The Economic Offences Wing of Cyberabad Hyderabad police has charged the accused under several sections, including 316(2), 318(4), 61(2) of the BNS, and Section 5 of the TSPDEF Act, 1999. The CID Telangana began further investigations from March 6.
Meanwhile, Sandeep, the younger brother of one of the accused, fled to Dubai when the scam was uncovered. He later returned to India via the Nepal-India border without proper authorization and settled with his family in Danapur, Patna.
