Hyderabad, July 05: The CEO and vice-chairman of a software company, who collected Rs 2 crore as “security deposit’’ from 200 youngsters with a promise to refund the same, but subsequently wound up the company, were arrested by sleuths of the Central Crime Station (CCS) today.
They arrested B Surya Prasad (CEO) and Sita Kumari, while another accused — B Narasimha Rao — is absconding.
According to the police, the accused, who were running M Tech Heads software company, recruited B Tech students of the 2008 batch on campuses of engineering colleges in Chittoor, Khammam, Tirupati and other places as software trainees.
At the time of appointment, the company collected Rs 1 lakh from each of the 200 employees as “security deposit’’ which amounted to Rs 2 crore, promising to refund the same within a year of the date of obtaining them.
The recruits’ woes began when the company paid salaries less than the amount mentioned. Then it stopped paying salaries altogether and downed shutters. And when it failed to refund security deposits it amounted to a clear case of cheating.
Both the arrested have been sent to judicial custody. The arrests were made by Sub-Inspector of White Collar Offences (Team- III) D Sudheer Reddy under the supervision of Inspector M Ram Mohan Rao.
–Agencies–