Software engineer arrested for cheating people of Rs 3.72 crore

Hyderabad: The city police today arrested a 39-year-old software engineer named Pokuri Suresh Babu, a native of Kurnool District, Andhra Pradesh, for cheating people to the tune of Rs. 3.7 crore. Babu took the money from his friends and others known to him, after promising to invest it in real estate and given them profits in return.

The accused was absconding for two years by frequently changing addresses, mobile handset and phone numbers, said the police. Babu was taking shelters at OYO Rooms and residing in temporary rented houses at Vijayawada to evade arrest. His antics came to light after Jwala Reddy, another software employee, lodged a complaint against him after which a case was registered against the accused.

The victims were Babu’s colleagues and friends. He convinced them to avail personal loans from various private banks and financial institutions through an agent by assuring them he will make payment of EMIs of the loans without fail. He also executed an undertaking and money bond to that effect.

MS Education Academy

In total, he transferred Rs 3,73,82,242 to his and his wife’s accounts. Babu managed to cheat people off their money by promising them a profit of 25% to 30%. During interrogation, the accused didn’t reveal the diversion of funds collected from the complainant and other victims, added the police. Investigation is still in progress to know where he diverted the money.

Subscribe us on The Siasat Daily - Google News
Back to top button