Hyderabad: The Cyberabad police in coordination with the RC Puram police on Thursday arrested a man for an alleged fraud of Rs 75 crore. The accused allegedly collected deposits from about 3,500 people from different states, including Telangana, and cheated them by promising them returns.
According to the police, the accused was booked thrice in the past by the RC Puram police. He has been identified as 49 -year-old Jayanth Biswas, managing director of Metalloids Technologies Pvt. Ltd., in Madhapur. Biswas is a native of Kolkata.
His wife, also a director of the company is at large. The police further stated that the company was established in the state of Rajasthan 2016. A module by the name Metalloids Sustenance Portfolio was set up to attract people to invest in the company.
The offender collected a sum of Rs 70 crore luring investors promising 10 to 100 percent interest on returns. Biswas took money from people belonging to Telangana, Assam, Rajasthan and West Bengal, said a police official.
Based on a complaint the police arrested Biswas from Star Hotel at Banjara Hills, while he was organising a promotional event.
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