Two running film distribution firm in Hyderabad held for cheating

Hyderabad: Hyderabad police on Saturday arrested two persons running a film distribution firm for cheating gullible people on the pretext of investment in film distribution.

According to police, the Nagam Uma Shankar and Kongara Anjamma, running a film distribution firm in the name of Shankar Films, induced over 25 innocent people on the pretext of investments in the film distribution.

A police officer said the accused collected about Rs 6 crore from the gullible public by luring them of good profits. Later, they neither paid the principal amount invested nor the profits to the investors, thereby cheating them.

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The Central Crime Station of the Detective Department had booked the accused under Indian Penal Code (IPC) sections 406 (criminal breach of trust), 420 (cheating), 506 (criminal intimidation) r/w 34 (acts done by several persons in furtherance of common intention) and Section 5 of Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act 1999.

Police said both the accused were arrested and produced before a court.

The police have appealed to people not to fall prey to such fraudsters. It is highly impossible for anyone to give or return more than 8-10 per annum consistently on any kind of investment, it said.

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