Cyberabad CP hands over cheques to Karakkaya fraud victims

Hyderabad: Cyberabad Police Commissioner Stephen Raveendra on Sunday handed over cheques to 12 victims of the 'Karakkaya Business cheating case' in which several persons were duped on the pretext of huge profits.

Speaking on the occasion, the Commissioner said, "After identifying 281 victims of the Karakkaya fraud, the Cyberabad Police have started paying them back their amount through court approval."

The company in 2018, lured the victims after promising higher returns on investment in the business. The management of the company convinced its investors to purchase a kg of Karakkaya at Rs 1,000 and later return it after making powder of it to be paid Rs 1300 per kg.

According to the police officials, the company collected nearly Rs 3.75 crore from 423 customers and duped them. A case was registered and the properties of the company were also seized and auctioned.