Hyderabad, July 23 (NSS): The EOW PS of Cyberabad has busted a deposit scheme in which the accused established Almighty Pharma company and took loans from various victims for investment, promising 10% profits and providing bond papers as guarantees. In this way, the accused lured over Rs four crore from victims.
A case in Cr.No.12/2024 U/s 406, 420, IPC & Sec. 5 of the Telangana Protection of Depositors of Financial Establishment Act- 1999 of PS EOW, Cyberabad was registered. The accused Rendla Ajay Kumar, Medical distributer, of Rana Pratap Nagar, Borabanda, Hyderabad was arrested on the complaint lodged by Kavali Srinivas of Allapur, Hyderabad on March 20, 2024. He stated that the accused had collected Rs 4,49,30,000/- from 35 members on the guise of establishing the Pharma Company and also giving 10% share in the profits. But the accused did not establish the company nor he returned the money to the victims and fled.
The accused intentionally established Almighty Pharma in May 2020 and took loans from the victims, promising 10% profits on investments and providing bond papers as guarantees. Initially, he fulfilled his promises, which led the public to believe in his company and invest a total of approximately Rs 4.5 crore. The accused collected the amount from various victims and fled away.
The Cyberabad EOW advised the public to report any suspicious investment businesses and deposits promising higher interest rates. The department is committed to taking legal action against perpetrators and ensuring justice for the victims. The case is being investigated by S. Murali Krishna, Asst. Commissioner of Police, Economic Offences Wing Police Station, Cyberabad under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad.
