HYDERABAD: A former MBA student from Harvard Business School was arrested by the central crime station police of Hyderabad for cheating a businessman of `1.4 crore on the pretext of establishing a solar power project.
The accused collected over `100 crore from investors across the country and cheated them, said the police. Accused Boaz Augustin, a native of Madurai, took admission in Harvard Business School to pursue MBA. During his stay, he met his classmate, one Narsi Reddy, also a Hyderabad native.
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 Rs 100 crore from victims across the country,” said Additional Commissioner Swati Lakra.
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 and several from New Delhi, Chennai and others. When teams went to Madhurai, he managed to escape twice. Andhra police also couldn’t arrest him.
“Buoz was later arrested in Chennai and brought to Hyderabad. He opened around 50 bank accounts in various places and diverted the money. We seized the bank accounts, but only `2 crore has been recovered. Boaz will be in police custody for further investigation,” she said.