Andhra Pradesh - Hyderabad

Man held on cheating charge

HYDERABAD: Police on Monday detained a person, Surendra, who allegedly duped several persons of lakhs of rupees by operating a multi-level marketing agency, for questioning.

One of the complainants, Trinath, a real estate businessman, told reporters that they had approached the Hyderabad Detective Department seeking action against Surendra few weeks ago.

Surendra lured depositors to invest money in the agency schemes assuring them huge returns within a short period.

In one scheme, he offered to pay Rs. 840 per month for 18 months if a depositor invests Rs. 5,000.

Attracted by the schemes, hundreds of people - majority of them from Nalgonda district and Hyderabad - invested money with the agency.

Trinath charged that Surendra disappeared after collecting amounts to the tune of Rs. 2 crore from depositors.

Following a tip-off from the depositors, police picked up him on Monday. He is being questioned.

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