Cyberabad EOW books Dubai firm, two brothers over alleged ₹1.72 crore investment fraud
HYDERABAD: Cyberabad Economic Offences Wing (EOW) police have booked Dubai-based Magic Bean Trading DMCC and its representatives, brothers Vasudev Parthasarathy and Jaidev Parthasarathy, for allegedly cheating investors of ₹1.72 crore.
The case stems from a complaint filed by a 53-year-old Hyderabad resident. She alleged that Jaidev Parthasarathy approached her in 2023 and promised assured annual returns of 24% on investments.
Jaidev met the woman and her husband in Hyderabad and convinced them to invest. He assured them of regular returns and promised to repay the principal amount within a fixed period.
Trusting these assurances, the complainant transferred ₹80 lakh in March 2023. She invested another ₹15 lakh in June 2023. In June 2024, she invested an additional ₹7.5 lakh after Jaidev claimed the company urgently needed funds to restart operations and repay investors. Her total investment reached ₹1.025 crore.
The complainant also said another investor deposited ₹70 lakh in the same venture. Together, the two investors contributed ₹1.725 crore.
According to the complaint, the brothers initially made a few payments. However, they later delayed repayments and repeatedly postponed returning the invested money.
The complainant further alleged that the brothers promised to register a property in Hosur in her name as security for the investment. They never completed the transfer.
Based on the complaint, Cyberabad EOW police registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Telangana State Protection of Depositors of Financial Establishments Act.
Police are continuing the investigation.
