Hyderabad: A city-based doctor was duped of 8 crore by his schoolmate who lured him into investing in his business with promises of quick returns. In his complaint registered with the Central Crime Station (CCS) sleuths earlier this week, the doctor alleged that he and his relatives collectively invested close to 10 crore in the friend’s business but have so far received only 1.6 crore in returns.
According to the police, the victim not only sold properties belonging to his family but also took hefty loans, in hope of making big money through his friend’s business of bulk supply of gifts and novelties to MNCs.
“The doctor and the accused were schoolmates but lost touch post school. They reconnected some years ago for a school reunion via a WhatsApp group. Since then, the two kept in touch. During their discussions, the accused claimed he made huge profits through his business,” said a police official.
In 2022, the accused allegedly lured the victim into investing in his business, promising a 40% share in the profit. While the doctor initially started with 50,000, over time he invested crores. Later, his friends and relatives too put money in the business through the doctor.
“The victim sold two properties for 1.7 crore (approx.) each. In addition he took a gold loan worth 1 crore and a personal loan of 70 lakh to invest in his friend’s venture,” the cop added.
According to the official, the complainant had been saving the money to start a hospital. But after the accused lured him with high profits in a short time, he got carried away and diverted all the funds to his friend.
Over time, the accused allegedly failed to give the promised returns on investment. When the complainant started to enquire, he found that the accused’s claimed firms did not exist. “When the doctor tried to chase his friend to return more money — after an initial payment of 1.6 crore — the latter gave another cheque for 1 crore, but it bounced due to a mismatch in signature,” the police official said.
When the doctor and other investors confronted him, the accused allegedly intimidated them and even threatened to end his own life.
