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Man held for cheating depositors
City police, on Tuesday, arrested a businessman for cheating gullible people by offering them huge returns on their investments in his business.
​Hyderabad: City police, on Tuesday, arrested a businessman for cheating gullible people by offering them huge returns on their investments in his business.
The accused, Mohammed Jahangir, aka Wajid Khan of Tadbund, had collected deposits to the tune of Rs 60 lakh from various people offering them huge profit in the form of interest ranging between 10 to 20 per cent a month, police said.
Jahangir, along with Syed Firasath Ali, started Green Globe Financial Services in 2010. He had collected about Rs 60 lakh from the people and shut down the business in 2014 without returning the money collected from the depositors, police said.
Subsequently, he obtained a voter identity card impersonating himself as Wajid Khan and started Excel Digital Software Solutions in Secunderabad.
He posted advertisements in the media inviting investments offering huge returns and collected a few lakhs of rupees from the people, police said.
However, Central Crime Station (CCS) sleuths nabbed him on a complaint lodged by 14 victims and sent him to prison.
