EOW Cyberabad Police Arrested One For Cheating

Hyderabad, Nov 1 (Maxim News): The EOW Police of Cyberabad arrested one accused Jagadeesh Chandra Prasad, Occu: Manager in DB Stock Broking Consultancy in Kukatpally branch at Hyderabad r/o Hydernagar, Hyderabad N/o Kakinada, AP,  who was involved in Cheating, Criminal Breach of Trust and collected money deposits from innocent people to the tune of Rs. 7 Crores in the name of returns with high percentage of profits.

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The accused person Jagadeesh Chandra Prasad was working as Manager in DB Stock Broking Consultancy in the Kukatpally branch at the Hyderabad branch. The accused Deepankar Barman is the Proprietor of DB Stock Broking Consultancy. The accused set up a company at Kukatpally, Hyderabad. The accused together hatched a plan and introduced the following schemes by promising good high-interest returns.

Their schemes are :

 Scheme A: Yearly Scheme -120% profit per year for the invested amount
 Scheme B: Half Yearly Scheme -54% profit per 6 months for the invested amount

 Scheme C: Quarterly Scheme – 24% profit per 3 months for the invested amount

 Scheme D: Monthly Scheme – 7% profit per month for the invested amount

Likewise, the accused persons attracted innocent people in the guise of high returns and collected about 7 Crores from the innocent people in Hyderabad and other surrounding areas. After collecting the huge amount for several months till July/2024, from then the accused closed their business, failed to return the collected amount and cheated the victims.

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In this regard, the accused Deepankar Barman was arrested by Assam Police in a similar offence, reported in Guwahati city. Apart from Hyderabad, the accused have collected crores of rupees in other states under this scheme in the guise of high returns.

The Cyberabad EOW Police hereby advised the people to be aware of fraud schemes and not to become victims of fraudsters, and cheaters. The department is committed to prosecuting fraudsters, and cheaters and ensuring justice for victims 

The case is being investigated by J. Venkateswarlu, Inspector of Police, Economic Offences Wing PS, Cyberabad under the supervision of K. Prasad, Dy. Commissioner of Police, EOW, Cyberabad. (Maxim News)

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