Absconding Man Arrested for Cheating 2.28 crore from 60 People in Hyderabad

Hyderabad, 30 March: Hyderabad police arrested a Main accused for allegedly cheating public to the tune of Rs. 2.28 crore.

Main accused Shaik Mahmood who was absconding since then, was arrested by the White-Collar Offences (WCO) A Division Team on 30 March 2021 and produced before the Hon’ble court for Judicial custody.

According to police, Mahmood, induced the complainant and other (60) victims to invest / Deposit amount for his business development and assured of very high profits i.e,. 5% per month for a term period of 11 months and after the term period he has agreed to return the invested amount and collected an amount of Rs. 2,28,00,000/- from the complainant and other (60) victims and cheated them.

On a complaint on 18-06-2020 a case under IPC 406, 420 r/w 34 IPC and Sec 3 & 5 of TPDEF Act, 1999 was registered at CCS, DD, Hyderabad against Shaik Mahmood, Shakeera Begum, Maryam Fathima, Abdul Asif and Shaik Reshma Jani Begum.

Earlier the other accused Shakeera Begum, Maryam Fathima, Abdul Asif and Shaik Reshma Jani Begum were arrested in this case.

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