Hyderabad: Duo Arrested for Alleged Fraud at Private Firm
Nacharam police detained two employees of a Mallapur-based private company scam on charges of defrauding their employer and misappropriating Rs 2.1 crore.
The operations manager MNS Bhushan Reddy and accountant D Srinivas from Neon Metal Crafts supposedly violated company regulations by forming Adinath Industries.
Police reports show that the two individuals created corporate cheating Hyderabad sales invoices and work documents under their employer's name and transferred roughly Rs 35 lakhs illegally from Neon Metal Crafts' bank account to an Adinath Industries account online. The two arrested in fraud misappropriated about Rs 2.1 crore through fraudulent work orders.
The Nacharam police initiated a case investigation and apprehended the suspects after receiving a complaint from the company owner.
Over 4,000 people duped
Through the Falcon Invoice Discounting Application platform the accused managed to collect Rs 4,215 crore from 7,056 depositors.
By presenting fraudulent investment deals as opportunities from well-known multinational firms the accused managed to entice investors with promises of high returns on short-term plans.
Scams involving cheating and conspiracy have resulted in a loss of Rs 792 crore for nearly 4,065 people according to initial reports.
The Economic Offences Wing of Cyberabad Hyderabad police update filed charges under sections 316(2), 318(4), 61(2) of the BNS and Section 5 of the TSPDEF Act, 1999 based on the filed complaint. CID Telangana began supplementary investigations into these cases from March 6 onwards.
The younger brother Sandeep escaped to Dubai soon after the scam became known. He entered India through the Nepal-India border without official permission before establishing residence with his family in Danapur, Patna.
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