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Hyderabad: Businessman swindles Rs 2 crore from investors
Businessman swindles Rs 2 crore from investors
Nampally: The officers of Central Crime Station (CCS) on Tuesday arrested one Shaikh Mohammed, proprietor of Al Madina Marriage Bureau, for cheating...
Nampally: The officers of Central Crime Station (CCS) on Tuesday arrested one Shaikh Mohammed, proprietor of Al Madina Marriage Bureau, for cheating the investors to the tune of Rs 2 crore.
According to police, the accused cheated 60 investors by promising them heavy returns. He along with other persons Shakeera Begum, Mariam Fatima, Abdul Asif and Reshma Jani (all four arrested earlier) started the marriage bureau 5 years ago and operated 15 branches in the city.
The team lured investors to invest in their business and assured them of heavy returns, i.e. 5% per month for a term period of 11 months and after the term period ended he agreed to return the invested amount. He collected Rs 2,28,00,000 from 60 investors in a span of one year and went absconding.
A case was filed against the marriage bureau in June 2020 and the other accused were arrested immediately. The main accused was finally traced, arrested and remanded in judicial custody, said the police.
