The Telangana Police have arrested Vijji Jagadeesh Chandra Prasad, a manager at DB Stock Broking Consultancy in Hyderabad, for allegedly defrauding the public of Rs 7 crore through fake investment schemes promising unusually high returns.
According to the complaint, the Economic Offence Wing (EOW) of the Hyderabad Police apprehended Prasad, a native of Kakinada, Andhra Pradesh, on Friday. The arrest comes after it was revealed that Prasad, along with another accused, Deepankar Barman, the proprietor of DB Stock Broking Consultancy, orchestrated the fraudulent scheme.
Barman was previously arrested by Assam Police for similar offenses in Guwahati.
The two suspects set up the DB Stock Broking Consultancy in Kukatpally, Hyderabad, where they introduced several investment plans that promised extraordinarily high returns, attracting many innocent investors. By the time the scheme was uncovered, investors had collectively invested around Rs 7 crore.
However, by July 2024, the accused closed down their operations, failing to return the invested funds and leaving victims with nothing. In addition to Hyderabad, the scam spread to other regions, with similar schemes being used to deceive people with promises of high returns.
The police are now investigating the full extent of the scam, as it is believed the fraudulent activities might have been carried out in other states as well. The arrest of Prasad is part of an ongoing effort to bring the perpetrators to justice.
