The Economic Offences Wing (EOW) of Hyderabad has arrested a married couple—Mahesh Panem and Ujwala Panem—for allegedly orchestrating a Rs2.11 crore investment fraud, luring victims with false promises of high returns and job placements.
The arrests followed a complaint filed by Purimitla Rathna, a resident of SBI Colony in Bowrampet, on June 25. The couple was charged under multiple sections related to cheating and the Telangana State Protection of Depositors of Financial Establishments (TSPDFE) Act.
Police arrested Ujwala from Kandukur, Nellore District (Andhra Pradesh) and Mahesh from Bangalore. Both are originally from Kandukur and previously resided in KPHB, Hyderabad.
Operating under the company Christ Properties (OPC) Pvt Ltd, Mahesh—listed as the director—and his wife Ujwala—listed as the nominee—enticed mostly retired individuals with the promise of 2% monthly interest on deposits. They used formal-looking instruments like promissory notes, bank cheques, and MOUs to gain victims’ trust.
The couple also offered job placements through a tech firm called Christ Global Technologies Pvt Ltd, and were found linked to other suspicious entities such as Shine Solutions and Western Acqua.
According to DCP K. Prasad (EOW), they initially paid returns but soon stopped payments, shut down their offices, and fled.
Further investigation revealed the couple is involved in at least five other similar cases reported in Bachupally, Kollur, Chandanagar, and Madhapur, all within the Hyderabad Commissionerate limits.
Authorities have seized relevant documents and are continuing the investigation to trace additional victims and funds.
