Conman arrested after duping 500 depositors in Hyderabad

The accused, identified as Rajesh, reportedly duped his victims to the tune of Rs 1 crore.
Conman arrested after duping 500 depositors in Hyderabad

HYDERABAD : Hyderabad police on Sunday arrested a man who allegedly duped nearly 500 people in the pretext of investment in a gold trading scheme that would provide them high returns.

The accused, identified as Rajesh, reportedly duped his victims to the tune of Rs 1 crore. Many victims invested over Rs 5 lakh and were promised a return of almost double the amount within a span of five months.

Rajesh was arrested after the victims reached the Central Crime Station office at Basheerbagh and staged a dharna demanding police help recover their money.

A victim said: “I invested Rs 5 lakh in the scheme and Rajesh promised me that he would return it along with profits soon. He initially paid me Rs 40,000 but he did not give me the rest of my money.”

Some victims revealed that although Rajesh had given them cheques which had signatures, but not of the account holders. “The signature on the cheque was fake,” a victim said.

According to the victims, the accused paid back some parts of their deposits in the initial few weeks. After they gained confidence in the scheme, they would invest more money. However, he then stopped paying them.

“Initially, I was not interested in the scheme. But I was already facing some financial stress and he convinced me that I could make high returns through this scheme,” said another victim. “Believing him, I invested `5 lakh but received only Rs 60,000-Rs 70,000. It’s a total loss,” he added.

Whenever a victim got frustrated about the delay in receiving returns and warned Rajesh that he or she would file a police complaint, the conman convinced them to trust him saying that he would recover the money through trading and return it within a couple of months.

However, Rajesh went incommunicado, till the Hyderabad police traced and arrested him.

Further investigation is on.

Meanwhile, the victims who gathered in front of the CCS requested Chief Minister A Revanth Reddy to intervene in the case and help them recover their hard-earned money.

Easy prey

  • Rajesh duped his victims to the tune of Rs 1 crore

  • Many victims invested over Rs 5 lakh and were promised a return of double he amount within a span of five months

  • Rajesh gave some victims cheques that had signatures, but not of the account holders

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com