The Hyderabad Economic Offences Wing (EOW) has arrested Mousami Biswas, a key accused in a massive investment scam that defrauded Hyderabad citizens of up to Rs70 crore. Biswas, a 49-year-old resident of Madhapur, Hyderabad, and a native of Kolkata, was apprehended in Kolkata by the EOW after an extensive investigation into the fraudulent activities of Metalloids Technologies Pvt Ltd.
Biswas is accused of deceiving numerous individuals by promising high returns on investments made in the name of Metalloids Technologies, a company that turned out to be part of the elaborate scam. Victims were lured by false assurances of lucrative returns and a secure investment platform, only to later realize that their funds had been misappropriated.
The arrest follows a complaint filed by several victims, which led to an inquiry into the fraudulent dealings of the company and its associates. The EOW’s investigation has revealed that the scam targeted investors from Hyderabad, causing them significant financial losses.
With Biswas now in custody, the Economic Offences Wing is focusing on tracking down additional individuals involved in the scam and recovering the lost funds. Authorities have urged the public to exercise caution when approached with investment opportunities that appear too good to be true and emphasized the need for strict regulatory measures to prevent such frauds.