HYDERABAD: The Central Crime Station (CCS) of Hyderabad police registered a case against two individuals for allegedly cheating a businessman of Rs 50.8 crore on the pretext of securing the release of jewellery from the government and offering him a share in it.
The complainant, Rajesh Agarwal, said that in 2016, Md Zakir Osman, along with Sukesh Gupta, approached him seeking monetary and administrative assistance to secure the release of five jewellery boxes from the custody of the Commissioner of Survey, Settlement and Land Records. They assured him a share in the jewellery once it was released.
Relying on their assurances that the arrangement would be profitable and that he would be allotted a share in the jewellery boxes upon their release, Rajesh entered into an MoU on October 3, 2016, agreeing to provide monetary assistance exclusively for the purpose.
Subsequently, Rajesh allegedly transferred Rs 50.8 crore to entities — Aashi Realtors, MBS Jewellers Pvt Ltd and MBS Impex Pvt Ltd — owned, operated and managed by Sukesh Gupta between June 2016 and February 2018.
The complainant alleged that after considerable effort and substantial financial investment, the Telangana government issued directions for the release of the jewellery boxes. Later, Rajesh learnt that Zakir Osman and Sukesh Gupta had made false representations and fraudulently secured the release of the boxes solely in their names, contrary to the terms of the MoU, and were attempting to sell them in breach of the agreement.
He said they dishonestly misappropriated his funds and committed breach of trust by inducing him to invest money through false promises, acting in criminal conspiracy. He then approached the state government and also filed a writ petition in the Telangana High Court, along with a civil suit before a local court in Hyderabad, seeking to restrain them from depriving him of his share in the jewellery boxes.
Rajesh alleged that during the pendency of proceedings, he came to know that the funds transferred by him were misused and were not utilised for securing the release of the jewellery boxes.
In their pleadings, they admitted execution of the MoU and acknowledged that the money invested was not used for its intended purpose.
He said he was induced to part with huge sums based on their assurances, but they misappropriated his funds and cheated him. He subsequently approached Hyderabad police, who registered a case and launched an investigation.