Telangana: Private Firm MD Held For Duping Depositors Of Rs 70 Crore

The primary offender, identified as 49-year-old Jayanth Biswas, by Cyberabad police, allegedly solicited money from people under the pretext of promising high returns.

By : ABP News Bureau | Updated at : 25 Feb 2022 08:41 PM (IST)

Telangana: Private Firm MD Held For Duping Depositors Of Rs 70 Crore Telangana: Private Firm MD Held For Duping Depositors Of Rs 70 Crore

Representational Image (Photo: ABP Desam)

Hyderabad: The managing director of Metalloids Technologies Pvt Ltd was arrested on Thursday by RC Puram police and Cyberabad's economic offences wing for allegedly duping 3,500 depositors of Rs 70 crore.

The primary offender, identified as 49-year-old Jayanth Biswas, by Cyberabad police, allegedly solicited money from people under the pretext of promising high returns. Biswas' wife, Mousami Biswas, one of the company's directors, has been missing, according to police.

Police identified 17 bank accounts belonging to the accused and froze Rs 8 crore in them. The police found that they had collected up to Rs 70 crore in Telangana alone.

The corporation gathered deposits on high-interest rates ranging from 10% to 100% under the strategy. Apart from the 3,500 Telangana depositors, the company also received funds from Assam, Andaman, Visakhapatnam, Kolkata, and Rajasthan.

Police arrested Jayant Biswas at a luxury hotel in the Banjara Hills using band-aided technology. The officials stated they are attempting to track down the other suspects, including Mousami and other employees who have eluded arrest, and that they will apprehend them shortly.

As a part of the modus operandi, these phoney organisations display to the public the ROC certificate provided by the Ministry of Corporate Affairs for the payment of GST and income tax, and other documents in order to deceive the public. It should be noted that these certificates can only be used to run legal enterprises, not illicit ones. People are advised not to invest their hard-earned money in such schemes, said the Cyberabad police.

(With inputs from ABP Desam — It is a Telugu platform of ABP News. For more news, commentary and latest happenings from two Telugu states, follow https://telugu.abplive.com/)