The Cyberabad police in Telangana arrested a couple on Thursday evening for allegedly cheating about 41 people across the state to the tune of Rs 9 crore by promising them good returns for investments in their dairy farm.
The Economic Offences Wing (EOW) officials said the accused, Vemula Subba Rao and wife Vemula Kumari, from Kokapet, allegedly promised good returns for investments in their company, Kondapalli Dairy Farm Pvt Ltd, situated at Aziznagar in Moinabad.
In June 2022, the accused, along with others, advertised their investment plans in Telugu and English newspapers, and on seeing these, interested people had contacted them. The Cyberabad police said the suspects promised huge returns between Rs 2 and Rs 5 lakh per month. Later, the investors visited the dairy farm where the accused showed their shed, buffaloes and cows, and a milk processing unit machine.
An FIR was subsequently registered under sections 316(2), 318(4), 61(2) of the Bharatiya Nyaya Sanhita at the EOW police station, Cyberabad.
“On seeing the advertisement, the interested people contacted the mobile number in the ad, wherein another person answered the calls and spoke to them in an inducing manner by talking high about their dairy farm business and stating they will give good monthly returns in the form of monthly returns starting from Rs 2 to Rs 5 lakh per month,” the police said in a statement.
“They used to tell the investors they were getting more benefits with this business; they wanted to extend their business with genuine investors,” the police said.
The police have advised the general public to refrain from investing in such fraudulent investment businesses and schemes.
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