Both his wives and an associate were also arrested
A 45-year-old man was arrested on Tuesday, along with his ‘wives’ and an associate for allegedly duping several people of crores of rupees in the name of making and selling eco-friendly bags.
J. Srikanth had earlier been arrested twice by sleuths of the Hyderabad Central Crime Station sleuths on charges of collecting money from investors with false assurances of huge returns in a short period.
Two cars, including a Skoda, two Tata Ace vehicles, a two-wheeler and 100 grams of gold ornaments were recovered from him, CCS DCP L.K.V. Ranga Rao said.
Srikanth, a native of Nizamabad had been into marketing in Mumbai before plunging into the screen printing business in Hyderabad for nearly 10 years.
For a quick buck
“But he wanted to make a quick buck and began Maha Life online marketing private company, luring investors with attractive plans in 2005,” the DCP said.
One of his schemes involved was payment of Rs. 13,600 a month for two years, in return for which he assured investors of a joining this scheme to give a plot of 150 square yards, a gold necklace and double the amount they had paid after two years. While he collected Rs. 3 crore from the investors, he failed to pay up. Some investors approached the CCS leading to registration of a criminal case.
He then obtained anticipatory bail in the case.
At it again
He was arrested again in 2009 for a similar offence, collecting money from prospective distributors for his Green Gold Infrastructures Limited.
Once out on bail, Srikanth set up Jinna Trading Company in 2012, promising investors high returns from his business of the sale of eco-friendly bags.
After the business came a cropper, some investors approached the CCS.