HYDERABAD: RC Puram police and Cyberabad’s economic offences wing on Thursday arrested the managing director of Metalloids Technologies Pvt Ltd for allegedly cheating around 3,500 depositors to the tune of 50 crore.
According to Cyberabad police, the main accused, identified as Jayanth Biswas, collected deposits from ‘gullible’ people under the guise of providing high returns. Cops said that Biswas’ wife Mousami Biswas, who is one of the directors of the company, has been absconding.
RC Puram cops, who had been tracing Jayanth’s movements, finally arrested him at Taj Banjara Hotel in Banjara Hills when he was at a promotional event. Explaining his modus operandi, cops said that Jayanth set up Metalloids, an investment firm in Jaipur back in 2016 and introduced a scheme known as Metalloids Sustenance Portfolio (MSP).
Under the scheme, the firm collected deposits promising high interest ranging from 10% to 100%. Apart from the 3,500 depositors in Telangana, the company also collected money from other states like Assam, Andaman, Visakhapatnam, Kolkata and Rajasthan.
Cops said that they are trying to trace the other accused including Mousami and other employees who are evading arrest and would detain them soon.
A total of three cases have been registered across RC Puram, Madhapur and Rai Durgam police stations under sections 420 (cheating), 406 r/w 34 (criminal breach of trust) IPC and 5 of TS Protection of Depositors of Financial Establishment Act, 1999.
“In order to fool the public, these fraudulent companies show the ROC certificate issued by the Ministry of Corporate Affairs, payment of GST and income tax and other documents. The certificates are given to run legal businesses, but not illegal businesses. The public is advised not to invest their hard-earned money in these types of schemes,” Cyberabad police said in an advisory. Further investigation is underway.
