AP bizman arrested for duping investors of Rs 3.5 crore

A businessman has been arrested for allegedly cheating investors to the tune of Rs 3.5 crore after collecting the amount on the promise of giving them high returns through internet, police said on Wednesday. 

Accused B Vamsi Mohan Reddy, a native of Guntur district in Andhra Pradesh was arrested yesterday on charges that he collected Rs 3.5 crore from people in different districts of that state by giving advertisements in newspapers that with an investment through internet earn one per cent profit everyday, a senior CID officer said today.

In the process of collecting the amount, Reddy opened several accounts in 10 different banks. He used eight different mobile numbers for contacting customers and was having five different email IDs for corresponding with customers regularly, CID officer K Venugopala Rao said.
Whenever anyone deposited money in his bank account, Reddy used to withdraw the amount and go to Goa to gamble in casinos, he said, adding whenever any customer pressurised him for amount Reddy used to adjust one customer amount to another and managed tactfully. Cyber Crime Wing of the CID cracked the case after booking a case of cheating under IPC section and relevant sections of the IT Act.

-PTI