HYDERABAD: A former MBA student from Harvard Business School was arrested by the central crime station police of Hyderabad for cheating a businessman from city to a tune of about Rs 1.4 crore on the pretext of establishing a solar power projects. The accused collected over Rs 100 crore from investors across the country and cheated them, said the police. Accused Boaz Augustin is a native of Madurai in Tamil Nadu and has completed electrical engineering at Anna Univeristy in Chennai, took admission at Harvard Business School to pursue MBA. During his stay, he met one Narsi Reddy, a Hyderabad native, who was also doing a course at Harvard.
On his return to India, Boaz did solar power plant installation business, but he could not get more profits. With a plan to earn more, Boaz took help of his friend and started a company Borg Inc at Texas in USA. He then registered two companies in India and publicised that the Indian companies were subsidiary of the US company to install solar power projects across the country. “Boaz lured the businessmen stating that he will help in getting 90 per cent of the loan for the amount that will be invested in establishing the power plants and took advance of 10 per cent from the victims.
He collected around 100 crore from victims across the country,” said Additional Commissioner (Crimes & SIT) Swati Lakra. Victims from all across the country: The case in Hyderabad is registered in 2016 September based on a complaint from a resident here. Further, on investigation, it came to light that he had duped two persons in Andhra Pradesh and several from New Delhi, Chennai and other cities. An investigation is on. When the teams went to Madhurai, he managed to escape twice. Andhra Pradesh police also went to nab him, but did not succeed. “With specific inputs, Boaz was nabbed in Chennai on Monday and brought to Hyderabad.
He opened around 50 bank accounts in various places and diverted the money. We seized the bank accounts, but only Rs 2 crore is present in them. He is arrested and reamnded. Boaz will be taken into custody for further investigation,” she said.