Hyderabad Man Arrested for Cheating 40 Adilabad Investors of Rs 19 Lakh
The Adilabad police on Saturday arrested a Hyderabad resident, Konathala Chandrashekar, for allegedly cheating people across Adilabad district by promising double returns on their investments. The arrest was made following a complaint lodged by Dandekar Anandrao, a resident of Belgaon in the Jainad mandal.
According to the police, Chandrashekar operated as the organiser of an entity called Unique SMCS. He allegedly collected deposits from local residents by offering them doubled returns on their money through a network of agents.
Following the complaint filed by Dandekar Anandrao of Belgaon, the Jainad police registered an official case against Chandrashekar. Subsequent investigations by the police revealed that the investment scheme had affected dozens of depositors across the region.
Adilabad Deputy Superintendent of Police (DSP) Jeevan Reddy stated that a total of six cases have now been registered against Chandrashekar in Adilabad district. The accused allegedly collected a total of Rs 19 lakh in deposits from 40 people through his agents.
In addition to the cheating charges, the police have booked Chandrashekar under Section 5 of the Telangana State Protection of Depositors of Financial Establishments Act. This legislation specifically addresses the protection of depositors from fraudulent financial establishments.
The police arrested the accused on Saturday and are proceeding with the legal process. The investigation remains ongoing as authorities look into the financial transactions and the agents who assisted Chandrashekar in collecting the deposits from the victims.
