Cyberabad EOW nabs couple in Rs 2.11 crore cheating scam

Highlights

Duo allegedly promised high returns and backdoor jobs, defrauding multiple victims

Hyderabad: The Cyberabad Economic Offences Wing (EOW) has arrested a husband and wife duo implicated in a sophisticated cheating and criminal breach of trust case, involving criminal conspiracy that led to the defrauding of victims to the tune of Rs 2.11 crore. The accused allegedly lured individuals with promises of high returns, offering 2% interest on deposits, and also enticed them with backdoor job placements.

The arrested individuals have been identified as Panem Ujwala, apprehended in Kandukur, Nellore District, Andhra Pradesh, and Mahesh Panem, arrested in Bangalore. Both are natives of Kandukur and had previously resided in KPHB, Hyderabad.

According to police, the arrests followed a complaint filed on 25 June by Purimitla Rathna of SBI Colony, Bowrampet, Bachupally, leading to the registration of a case under relevant sections of cheating and Section 5 of the Telangana State Protection of Depositors of Financial Establishments (TSPDFE) Act.

Police reports indicate that the accused, operating through Christ Properties (OPC) Pvt Ltd at KPHB, enticed customers and investors under the guise of real estate investments. Panem Mahesh served as the director of the company, with his wife Panem Ujwala as the nominee. The couple specifically targeted retired employees, persuading them to invest in their company with the promise of lucrative returns, specifically a 2% monthly interest on their deposits.

Mahesh Panem also operated an Agarwood farmland business and is accused of collecting substantial sums from unsuspecting victims through this venture. Furthermore, the duo attracted people by promising to secure backdoor jobs through another firm, Christ Global Technologies Pvt Ltd, also located in KPHB. In total, they allegedly collected Rs 2.11 crore from five depositors through these various schemes, ultimately cheating the victims. The accused were also involved with other firms, namely Shine Solutions and Western Acqua.

K Prasad, Deputy Commissioner of Police (DCP), EOW, stated that the accused collected Rs 2.11 crore from five victims, luring them with the promise of attractive returns of 2% interest on deposited amounts. To build trust and provide a semblance of security, the accused issued promissory notes, bank cheques, and Memoranda of Understanding (MOUs) to their victims as collateral.

DCP Prasad further revealed, “After collecting money from the victims, the accused paid monthly returns for a few months; however, they subsequently failed to fulfil their promise, closed their office, and absconded.”

Investigations have revealed that the accused are also involved in five additional cases reported across Bachupally, Kollur, Chandanagar, and Madhapur within the Cyberabad Commissionerate limits.