Nellore: Kaval police arrested a two-member gang for cheating people to the tune of crores of rupees and recovered Rs 11.5 crore cash, 6 mobile phones, a laptop computer and some property documents from them on Monday.
They also seized bank accounts of the accused opened in several banks in the Kavali town. The accused were identified as Sheik Mahaboob Subhani (53) and Yellasiri Brahmanandam (34) of Musunur village in Kavali rural mandal.
Addressing a press conference in Kavali on Monday, DSP P Sreedhar said that the A-1 accused in this case was Shiek Mahaboob Subhani. He is a resident of Yelchuru village in Santhamaguluru mandal in Bapatla district.
The DSP narrated that after the completion of Master of Computer Applications (MCA) at Siddhartha Academy in Vijayawada, the accused entered into the online share marketing field.
He started Online Share Trading (OST) in Kakinada of East Godavari district and collected crores of rupees from the public by deploying agents. A cheating case was booked against the accused on the issue.
The DSP said that later the accused fled from Kakinada and settled in Makthal area of Telangana and carried out businesses related to fertilisers, gold and footwear. After developing acquaintance with the locals, he started share market and collected crores by deceiving the public and subsequently fled from Makthal.
The DSP said that in 2021, the accused Shiek Mahaboob Subhani came to Musunur village in Kavali mandal and established an agency at a rented building in the name of Ananthardha Associates (AA).
He introduced several schemes like Day, Weekly, Monthly, three monthly and Yearly offering abnormal rate of interest to the investors. The accused has deployed agents in entire Kavali for the purpose. After receiving prompt payments with abnormal rate of interest for their small investments from AA, people began investing thousands and some have invested in lakhs. The DSP said that after collecting the money the accused purchased properties in the name of family members and the company. He said that about a week days ago, he fled from Musunuru along with family members. Based on complaints received from the victims, police registered the cases against the accused Sheik Mahaboob Subhani and Y Brahmananda following a tip-off near Gouravaram village in Kavali rural mandal wee hours of Monday. DSP appealed to people who invested money in the firm to lodge a complaint with the police with proper documents. He said special parties were deployed to nab the remaining accused in this case.
