Fraud Unveiled: City's Directors Cheat Thousands in High-Return Scam

Two directors of a city company were arrested for allegedly duping 17,500 individuals out of Rs 229 crore under the guise of high-return investments. The scheme, exposed following a doctor's complaint, involved misleading promotional tactics and false business claims.

Two high-ranking officials of a city-based company were detained on Thursday for allegedly deceiving 17,500 individuals, collectively amassing Rs 229 crore under the false promise of lucrative investment returns, local police disclosed.

The unraveling of the suspected fraud began when a medical professional lodged a formal complaint with the Central Crime Station on September 4, citing a Rs 2.74 crore investment that vanished alongside the firm's sudden business closure.

According to Hyderabad Police, promotional claims touted an array of business operations, including affiliations with an e-commerce leader, which ultimately proved misleading. Stricter investigations are ongoing to corroborate the full extent of the financial deception.

(With inputs from agencies.)