EOW Cyberabad busts Rs. 4.5 crore pharma investment scam, fraudster arrested
Hyderabad: The Economic offences wing(EOW) of Cyberabad has busted an investment scam and arrested a fraudster on Tuesday. The accused reportedly defrauded 35 victims and siphoned Rs 4.5 crores under the pretext of establishing a pharma company.
The accused has been identified as Rendla Ajay Kumar, a Medical distributor hailing from Rana Pratap Nagar, Borabanda area.
Based on the complaint from Kavali Srinivas, EOW Cyberabad booked a case. According to the complainant the accused Rendla Ajay Kumar has collected an amount of Rs 4.5 crores from 35 members on the guise of establishing the pharma company and also assured to give 10% share in the profits. However the accused did not established the company nor he returned the amount to the victims and he fled away from his house.
After realizing that they were cheated the victims approached EOW Cyberabad and lodged a formal complaint. Subsequently, EOW cyber booked a case under 420 (cheating) and 406(punishment of criminal breach of trust) of Indian penal code(IPC) and Telangana Protection of Depositors of Financial Establishment Act and started investigation.
Investigation revealed that the accused established Almighty Pharma in May 2020 and took loans from various victims, promising 10% profits on investments and providing bond papers as guarantees. “Initially, he fulfilled his promises, which led the public to believe in his company and invest a total of approximately 4.5 crores. In this way, the accused lured over 4 crores from various victims and fled away.
The Cyberabad EOW advises the public to report any suspicious investment businesses and deposits promising higher interest rates. The department is committed to taking legal action against perpetrators and ensuring justice for the victims.
The case is being investigated by S. Murali Krishna, Asst. Commissioner of Police, Economic Offences Wing Police Station, Cyberabad under the supervision of K. Prasad, Deputy Commissioner of Police, EOW, Cyberabad.
