Hyderabad: Man duped people of 3 Crore; held by Task Force

Hyderabad: On Tuesday, Rachakonda police arrested a 55-year-old businessman and his associate for cheating people.

According to the TOI report, the main accused, identified as Guthena Sreenivasulu alias Sharma was a lecturer in Khammam district and later worked in Malaysia.

During his stay in Malaysia, he noticed that there is a huge demand for rice in Malaysia.

According to the police, “He took lakhs of rupees from his friends and known people to invest in the rice trading business but soon incurred heavy losses. His investors started pressurising him.”

With the intention to cheat the people he contacted his friend claiming that he could help interested persons to set up coffee stalls in companies.

“The victim believed him and directed several interested clients to him. Sreenivasulu took Rs 10 lakh from each person and collected a total of Rs 3 crore,” said police.

“After taking the money, Sreenivasulu became unreachable,” police added.

Later he deposited the stolen money to his associate, M Asha Kiran, to hide the tracking of spending. The duo was tracked to Asha Kiran’s house and were nabbed by the police.

The police also seized ₹10 lakh from their possession. The accused was booked under Sections of the IPC.