Adilabad (Telangana), Oct 14 A 69-year-old man, the prime accused in an alleged major investment “fraud” case involving a Gujarat-based company, was arrested in Adilabad district, police said on Wednesday.
Based on credible information in the case registered at Talamadugu Police Station, police apprehended Raj Kumar Roy, Managing Director / Whole-Time Director of Unique Mercantile India Ltd, here on the night of October 13, Adilabad District Superintendent of Police Akhil Mahajan said in a release.
The accused allegedly collected money from the public by promising attractive investment schemes, chit fund benefits and high returns. Preliminary investigations indicate that the fraud may involve hundreds of crores of rupees across Telangana, with approximately 10,000 victims across the country, the SP said.
According to the preliminary investigation, the accused attracted investors through agents by introducing various investment schemes in the names of the Unique companies.
Money was collected through annual payment plans, monthly instalments, fixed deposits and other schemes. Investors were promised repayment of their principal amounts along with additional benefits. They were also assured of allotment of plots in prime locations, if required.
However, even after the maturity periods expired, the accused allegedly failed to repay the promised amounts and continued delaying payments. Consequently, several victims approached the police, leading to the registration of cases, Mahajan said.
Cases relating to the company were registered at different police stations of Adilabad district. According to the accused’s interrogation, transactions involving approximately 2,000 members in the Adilabad branch amounted to around Rs 7 crore to Rs 8 crore.
Police are further verifying the number of victims and the actual amount lost by investors in the district, he said.
As many as 14 cases were registered across Telangana in connection with the company.
Investigations have revealed that the accused allegedly used the money collected from investors to purchase hotels, land and plots in different parts of the country. Investigators have also identified alleged property acquisitions in and around Hyderabad.
“During the investigation, it was revealed that the accused had reportedly purchased approximately 400 plots in the Miyapur area and acquired land on the outskirts of Hyderabad. Information regarding the alleged purchase of approximately 200 acres of land near the All India Institute of Medical Sciences (AIIMS), Bibinagar, is also being examined,” the SP said.
Police are investigating the sources of funds used for these property acquisitions, the related financial transactions and the possible involvement of other individuals, he said. The Zonal Manager of the company is absconding.
Mahajan urged people who invested money in the Unique companies and were cheated to approach their respective police stations without fear.
(PTI News)
