Hyderabad: A Hyderabad-based businessman and his wife have allegedly gone missing after borrowing more than Rs 50 crore from nearly 60 people in his colony by claiming a financial emergency.
The incident came to light after many of his victims approached Malkajgiri Police Commissioner B Sumathi, demanding immediate action against the businessman.
Pabba Chandrasekhar, a resident of Bhagawan Colony, Chakripuram in Kushaiguda, operated a cement dealership named Sri Venkateswara Marketing for nearly 30 years, according to the complainant.
Reasons ranged from daughter’s marriage to business ventures
The victims said Chandrasekhar had borrowed money from several people over the years, providing different reasons. While some were informed that he needed it urgently for his daughter’s marriage and his father’s medical treatment, others were told that he required funds for constructing a house in his colony.
He allegedly convinced some by claiming that depositing money with cement companies would help him secure business schemes and that paying Rs 50 lakh towards Goods and Services Tax (GST) would qualify for the release of Rs 3 crore.
More than 60 people lent to Chandrasekhar, amounting to Rs 50 crore, the victims said.
Promised high returns
Chandrasekhar often took money, promising high-interest returns. He also took hand loans from many, with the promise of repaying within a short period. The residents said they trusted him due to his established presence and business in the neighbourhood. The businessman even served as the general secretary of the All India Vysya Federation (AIVF), a community established to promote the interests of the Vaishya community.
The victims said Chandrasekhar and his wife have been untraceable since June 22, and both their mobile phones were switched off. They reportedly left their two daughters at a relative’s house before fleeing, the victims claimed.
His disappearance caused panic among the local residents, as many who had lent their money were unable to recover the amount or get hold of the businessman.
The victims appealed to the Commissioner to launch a detailed investigation into the allegations. They requested the authorities to find Chandrasekhar, review the financial records, and take legal steps to recover the missing money.
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