ADILABAD: Adilabad police have arrested the prime accused in a multi-crore investment fraud involving Unique Mercantile India Ltd. and Unique SMCS, which allegedly cheated over 10,000 investors by promising high returns through chit funds and investment schemes.
Speaking to the media, Superintendent of Police Akhil Mahajan said the prime accused, Raj Kumar Rai (69), managing director/whole-time director of Unique Mercantile India Limited, and Chandrashekhar, zonal manager of Unique SMCS in Hyderabad, were allegedly involved in the fraud. Rai, also known as Raj Kumar Kailash Rai and a resident of Thaltej in Ahmedabad, Gujarat, was arrested near Adilabad Collectorate Chowk on the night of October 13. Chandrashekhar remains absconding.
A preliminary inquiry indicated that around 2,000 people had been cheated in Adilabad district, with transactions estimated at Rs 7 crore to Rs 8 crore. Nationwide, around 10,000 people were allegedly cheated and hundreds of crores of rupees collected. The accused allegedly mobilised money through agents by offering various schemes under the ‘Unique’ banner, including annual payment plans, monthly instalments and fixed deposits. Investors were promised additional benefits over their principal amounts and plots in prime locations. However, the accused allegedly failed to repay investments and maturity proceeds even after the schemes expired.
Cases have been registered at Adilabad One-Town, Two-Town, Mavala, Adilabad Rural and Talamadugu police stations.
A preliminary inquiry indicated that 14 cases had been registered against the company across Telangana, with complaints also reported from Medak, Nizamabad, Karimnagar and Rajanna Sircilla districts.
Properties bought with investors’ money
Investigators suspect that the money collected from investors was used to purchase hotels, agricultural land and plots in different parts of the country. The properties allegedly include hotels in Bengaluru, West Bengal, Jaipur and Maharashtra. The investigation also revealed the alleged purchase of around 400 plots in Hyderabad’s Miyapur area and approximately 200 acres of land near AIIMS at Bibinagar.
Mahajan said the accused had been involved in earlier frauds involving promises to establish a medical company and offers of jobs in hotels and abroad. Police are examining registered cases.
The SP urged victims who had invested in the ‘Unique’ companies to approach their local police stations and submit investment receipts, bank transaction details, and other supporting documents.
