Hyderabad, May 22: The Goshamahal Police arrested a man for allegedly cheating a city-based businessman of Rs 77.5 lakh through a fake electronics investment scheme.
The accused was identified as Chandan Singh.
According to police officials, the suspect allegedly lured the complainant by promising huge profits in an electronics business venture.
Police said the accused initially gained the businessman’s confidence by making regular repayments during the early stages of the investment.
After building trust, Chandan Singh allegedly collected more than Rs 77 lakh from the complainant in multiple instalments and later went absconding.
Investigators suspect that the accused may also have links to hawala transactions and are probing the financial trail.
During the operation, police seized a mobile phone from the accused. Officials said two other suspects connected to the fraud case are currently absconding.
Further investigation into the case is underway.
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