Hyderabad: Bio-cleaner biz owner arrested for duping investors of nearly Rs 2 crore
Hyderabad: Days after registering a case of cheating, the Hyderabad police arrested Hiranmahee Kaswaraju for allegedly defrauding several people by offering lucrative business opportunities amounting to Rs. 1.96 crore.
A joint operation by the Task Force (North) and the Central Crime Station (CCS) officials led to the arrest of Kaswaraju, the proprietor of Ration Bio Products Private Limited which reportedly sold bio-cleaner products. Subsequently, he was remanded into custody.
Sharing the details, the Task Force DCP YVS Sudheendra said Hiranmahee Kaswaraju, a resident of Bansilalpet, Secunderabad, started a company named “Ration Bio Products Private Limited” and claimed that it manufactured liquid cleaners for toilets.
Kaswaraju had collected huge money from the investors and promised to supply the bio-cleaner products to them. Convinced with the business model, the people invested large amounts of money in 2021. He had assured them of annual turnover of Rs. 100 crore by 2024, the police said. The investors approached the police after they did not receive the promised returns.
The police had begun an investigation into the cheating case after they received a complaint filed jointly by Subash, a retired deputy chief engineer from Somajiguda, along with G Vasanth Swaroop and Ashish Mehra.
The police said Hiranmahee was introduced to Subhash through a mutual acquaintance in 2021. He convinced Subhash that his company’s turnover would reach Rs. 100 crore by March 2024 and persuaded him to invest and promised a 40 percent stake in the company.
Following the discussions, Subhash invested Rs. 74 lakh between July and December 2023. When he asked for his share, Hiranmahee assured him that he would return the money and issued bank cheques which bounced due to insufficient funds.
According to the complainant, the lab testing of Hiranmahee’s bio-cleaner products revealed that the products were violating consumer safety norms which raised serious concerns about public safety.
