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The Times of India
The Times of India
National
Ujwal Bommakanti | TNN

Hyderabad: Firm’s MD held for cheating 3,500 depositors of Rs 50 crore

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.

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