How a couple in Telangana lured 41 investors to do dairy farm business and vanished with Rs 9 crore
A couple was arrested by Cyberabad Police for allegedly cheating 41 people across Telangana of Rs nine crore after collecting investments from them promising high monthly returns in their dairy farm business.
The officials of the Economic Offence Wing (EOW) busted the racket and arrested the accused on May 1, a police official said on Friday.
The accused couple and another person gave advertisements in Telugu and English newspapers in June-2022 under the caption “Business Offer", seeking investment for their dairy farm situated in Ranga Reddy district, claiming monthly guaranteed income over 16 years and gave a mobile number, a release from Cyberabad Police said.
When interested people contacted the number, the accused spoke with them in an inducing manner by exploring high about their dairy farm business and lured them with the promise of monthly returns between Rs 2 and Rs 5 lakh, police said.
Later, the potential investors were taken to the farm where the accused showed them a cattle shed, dairy cattle, and milk processing units, police said.
The accused collected money from the people, but closed the dairy business in March this year after being unable to generate enough income and absconded.
Based on the complaint by the victims, a case under relevant sections of BNS was registered at EOW Police Station and during the course of the investigation, the couple were arrested on Thursday, the official said.
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