Hyderabad: The Cyberabad Economic Offences Wing on Saturday arrested a businessman for allegedly duping a Non-Resident Indian (NRI) of Rs 8 crore.
The police said that the accused, identified as Kumar Srinivas Verma, owned a paint and flooring material firm. Verma lured an NRI to invest Rs 3 crore in the year 2019. The businessman promised favourable returns to NRI.
The firm incurred losses due to the pandemic induced lockdown. Verma urged the victim to make further investment, offering to make him the director of the firm. Trusting Verma, the victim invested close to Rs 5 crore and was added to the board of directors.
The police further added that Verma and his accomplices tried to frame the victim in order to strip him of the directorship. Verma also diverted company funds for personal use. Upon questioning the move, the victim was physically tortured and confined.
The victim then filed a complaint with the Cyberabad Economic Offences Wing, based on which Verma was arrested.
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