Karimnagar: Karimnagar commissionerate police arrested three persons in an investment fraud case in which investors were allegedly promised high returns.
The accused, Hemanth Kumar Rai, Rajesh Kumar and Brijesh Kumar, were arrested at their residences in Lucknow, Uttar Pradesh, on September 18.
They were brought to Karimnagar on a transit warrant after being produced before the local Chief Judicial Magistrate.
Commissioner of police Gaush Alam said on Tuesday that the accused had collected money from the public in the name of investments under Shreya Infra and Marketing Private Limited, established in Lucknow in 2020.
The accused introduced different schemes and allegedly promised investors double and triple returns.
They paid existing members using money collected from new members through a network chain system, police said.
Investments were collected from customers in Karimnagar, Telangana, Andhra Pradesh and other states through appointed agents.
The accused made payments to customers for some time but stopped them in 2024, police said.
Based on a complaint lodged by Guguloth Shivaraju, Karimnagar Town-I police registered a case and launched an investigation.
Police arrested the three accused at their residences in Lucknow and brought them to Karimnagar on a transit warrant after producing them before the local Chief Judicial Magistrate.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
