Almighty Pharma company: One held for Rs 4.5 crores investment scam

Hyderabad: The EOW (Economic Offences Wing) PS of Cyberabad has arrested a person for allegedly cheating 35 individuals of approximately Rs 4.5 crores in an investment fraud.

The police said that the accused established a company in the name of Almighty Pharma company and took loans from various victims for investment, promising 10 per cent profits and providing bond papers as guarantees. In this way, the accused lured over Rs 4 crores from various victims.

The accused has been identified as Rendla Ajay Kumar, a medical distributor and a resident of Allapur here.

Case details

The case came to light when on March 20 this year, the police officials received a complaint that Ajay Kumar had collected Rs 4,49,30,000 from 35 members under the guise of establishing a pharma company and giving 10 per cent share in the profits.

However, Ajay Kumar allegedly did not establish the company or return the amount to the victims. He fled from his house when the investors approached him but was later caught by the police.

The accused established the company Almighty Pharma in May 2020 intending to cheat people. He took loans from various persons, promising 10 per cent profits on investments and providing bond papers as guarantees.

Initially, he fulfilled his promises, which led the public to believe in his company and invest approximately Rs 4.5 crores.

A case has been registered under sections 406, 420, IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishment Act-1999 of PS EOW, Cyberabad. Further investigation is on.

Public advisory

The Cyberabad EOW advises the public to report any suspicious investment businesses and deposits promising higher interest rates. The department is committed to taking legal action against perpetrators and ensuring justice for the victims.