The officials from the Central Crime Station (CCS) of Hyderabad nabbed absconding businessmen involved in a multi-crore fraud case and seized 2.5 kilograms of gold and ₹4 lakh cash from them.
K. Shilpavalli, DCP of CCS, said that the offenders, Gudhe Rambabu, 48, and Penmetsa Krishnamraju, 42, were arrested by the Economic Offences Wing (EOW) of the CCS on November 1. The accused collected about ₹530 crore by promising profits and absconded in August earlier this year, said the DCP.
“The duo set up a business called, Fast Moving Consumer Goods, and collected about ₹530 crore from their relatives, friends and about 200 other victims by making them to invest. They promised 6% profit per month on their investment,” explained the official.
However, after depositing the profits for the initial few months and assuring them to return their principal amount, they absconded in August. “From the collected amount, they returned ₹427 crore to the victims as profit, spent ₹50 crore for maintenance of office and to pay employees, paid ₹12 crore to distributors and gold traders as commission and shared ₹20 crore each among themselves,” added the official.
