How Madhapur firm Metalloids Technologies cheated 3,500 people of Rs. 50 cr

Hyderabad: The Cyberabad police arrested the managing director of Metalloids Technologies Pvt. Ltd. based in Madhapur, Hyderabad, for cheating around 3,500 people to the tune of Rs. 50 crore.

Jayanth Biswas (49), a resident of Kolkata in West Bengal, had collected deposits from people by promising a high rate of interest. Three cases had been registered against the firm and its directors at Madhapur, Ramachandrapuram, and Raidurgam police stations.

According to the police, Jayanth Biswas established Metalloids Technologies Private Limited in 2016 in Jaipur, Rajasthan. The company had created a business module, Metalloids Sustenance Portfolio (MSP), to get people to invest in the company.

Biswas promised investors high rates of interest ranging from 10% to 100% depending on the deposits. Accordingly, he collected over Rs. 70 crores from more than 3,500 people in Telangana. The company had also collected money from people all over the country, including Assam, Andaman, Vizag, Kolkata, and Jaipur.

Biswas had been absconding to avoid arrest. The police had been watching his movements and they finally apprehended Biswas at the Taj Banjara Hotel, Banjara Hills, on 31 January while he was organising a promotional programme. The other accused, including Biswas' wife Mousami Biswas, is absconding.

The Cyberabad police have warned people against investing in such dubious schemes that promise high-interest rates. They advised people to contact the local police if they suspect any such fraudulent activity.