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Trader held for cheating
A businessman from city was arrested by the Central Crime Station police on a charge of cheating 40 persons across the country to a tune of Rs 10 crore on the pretext of offering a business proposal to establish automobile showrooms.
​Hyderabad: A businessman from city was arrested by the Central Crime Station police on a charge of cheating 40 persons across the country to a tune of Rs 10 crore on the pretext of offering a business proposal to establish automobile showrooms.
According to Detective department DCP Avinash Mohanty, Maroju Shiva Kumar (32) had established Eider Motors Limited under Nirvana group of industries, and advertised for dealers for to sell new bikes manufactured with technology from Japan and Germany.
The accused lured the businessmen, stating that his company was authorised to manufacture and sell the bikes in the country. He claimed that he was establishing an assembling unit at Pedda Amberpet. He offered huge commissions on sales of the bikes.
Believing Shiva Kumar, as many as 40 businessmen across the country had invested Rs 20 lakh each in the Eider Motors. Shiva Kumar had collected about Rs 10 crore, but did not deliver the bikes and threatened the investors when they demanded their money back, said the DCP.
“Three persons Vallabhaneni Janaki Devi, M Srinivas Goud and B Aravind Rao approached the police and lodged a complaint. On Saturday, Shiva Kumar was arrested. Further investigation is on,” DCP Mohanty added.
