Andhra couple running Christ Properties nabbed for Rs 2.11 crore investment scam
Police said the accused issued promissory notes, bank cheques and MOUs as security to gain the victims’ trust
By Newsmeter Network
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Hyderabad: The Cyberabad Economic Offences Wing (EOW) police arrested a husband-wife duo for allegedly duping investors of Rs 2.11 crore by promising high monthly returns and backdoor jobs.
Arrests made in AP and Karnataka
The arrested have been identified as Panem Mahesh and Panem Ujwala, natives of Kandukur in Nellore district, Andhra Pradesh. Ujwala was arrested at Kandukur, while Mahesh was nabbed in Bangalore on July 2. The duo had previously resided in KPHB, Hyderabad.
Modus Operandi
According to the police, Mahesh and Ujwala operated a real estate firm, Christ Properties (OPC) in KPHB, where Mahesh was the director and Ujwala the nominee. They targeted retired employees and other investors, promising 2 per cent monthly interest on deposits invested in their real estate and Agarwood farmland businesses.
Police said the accused issued promissory notes, bank cheques and MOUs as security to gain the victims’ trust. They paid returns for a few months before closing the office and fleeing.
Job racket angle
Apart from the investment scheme, the couple also lured victims with offers of backdoor job placements through Christ Global Technologies. They collected crores by assuring employment opportunities and returns, officers said.
Multiple cases registered
The duo is also involved in five other cheating cases registered at Bachupally, Kollur, Chandanagar, and Madhapur police stations under the Cyberabad Commissionerate. They additionally operated firms named Shine Solutions and Western Acqua.
Police advisory
The Cyberabad EOW police urged the public not to invest in schemes offering unusually high returns without proper verification. “We are committed to prosecuting fraudsters and ensuring justice to victims,” the department stated.
