HYDERABAD: KPHB police are currently investigating a case against XCSPL (Xito Consultancy Services Private Limited) for allegedly cheating several individuals by promising doubled profits. On Wednesday, the victims of the scam gathered at the company’s office in Manjeera Mall, where the investigation is taking place.
As per reports, the case was registered in 2022 and has been under investigation by the police. The accused allegedly stole lakhs of rupees from numerous innocent individuals. Hundreds of people fell victim to the scam, having paid money after being promised a 4 per cent return on their investment within 90 days. As a result, many people ended up taking on debts, loans, and even making credit card payments, only to be deceived in the end.
After a few days, when participants in the investment scheme enquired about their investments and expected profits, they received no response from the accused. A case was registered in November of last year after a young woman approached the police regarding the matter. On Wednesday, many victims of the scam gathered at the company’s office to protest that they have yet to receive their promised returns. They also demanded that charges be filed against the accused as soon as possible.