Retired army man in Alwal opens fake businesses, dupes investors of Rs 4.48 crore; held

Hyderabad: The Economic Offences Wing (EOW) of Cyberabad Police has arrested a retired army person for allegedly duping multiple investors of over Rs 4.48 crore by promising high returns through fictitious business ventures.

The accused, Jetendra Kumar Choubey, a resident of Alwal in Hyderabad and a native of Bihar, was apprehended in New Delhi on May 21. According to the police, Choubey collected large sums of money from individuals—primarily ex-servicemen—under the pretext of deposits in three entities: JK Enterprises, Soumya Sri Hospital and Karthik Logistics.

Accused gained trust by leveraging his experience in the army

The investigation was launched following a complaint by Chandrawati Devi, a resident of Bollaram, Hyderabad, who had invested Rs 2 lakh in the scheme. Police said the accused, an ex-electrician with the Military College in Tirumalagiri, retired in 2018 and settled in Hyderabad. Post-retirement, he leveraged his reputation as a former army man to gain the trust of locals and fellow veterans.

Choubey offered returns of 5 per cent per month on deposits, attracting several investors.

Initially, he made some payments, creating a false sense of security. However, in December 2024, he stopped disbursing returns, shut down his firms and absconded. Based on technical surveillance and intelligence inputs, the EOW team tracked and arrested him in New Delhi.

Public advisory

Cyberabad Police have urged citizens to remain cautious and avoid investing in schemes promising unusually high returns without verifying the legitimacy of the company. Individuals are advised to report suspicious investment activity to the nearest police station or the Economic Offences Wing.