A conman from Kolkata who floated a private company and cheated thousands of investors to the tune of ₹50 crore by promising huge returns was arrested by the Cyberabad police.
Jayanth Biswas (49), Managing Director of Metalloids Technologies Pvt. Ltd. was arrested on January 31, and announced it on Thursday.
Commissioner of Police M Stephen Raveendra said that investigation was carried out by the Economic Offences Wing following three cases registered at RC Puram, Madhapur and Raidurgam police stations against Metalloids Technologies and its directors.
Biswas collected money from over 3,500 people in Telangana and duped them, he said. Teams were formed to arrest Biswas’s wife Mousami Biswas and other directors who are at large.
Explaining the modus operandi, Mr. Raveendra said that the accused floated the company in Jaipur of Rajasthan in 2016 and created a business module (scheme) ‘Metalloids Sustenance Portfolio’ (MSP) to attract the gullible people to invest money and induced them with a promise to refund the deposits with high rate of interest ranging from 10% to 100% depending on the deposits made.
Accordingly, the accused collected deposits of more than ₹ 70 crores from more than 3,500 people and in addition to this, the Company had collected a number of deposits across the country, including Assam, Andaman, Visakhapatnam, Kolkata and Jaipur.
During the investigation, Biswas was arrested while he was organising a promotional programme in a star hotel at Banjara Hills.
Further, the Commissioner advised people not to invest their hard earned money in these types of schemes and get cheated.
